Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency (OCC) is issuing guidance to communicate the OCC’s expectations for the oversight and management of mortgage foreclosure activities by national banks
http://www.occ.gov/news-issuances/bulletins/2011/bulletin-2011-29.html

The Office of the Comptroller of the Currency issued guidance (OCC Bulletin 2011-29) to its regulated entities as to its expectations regarding the oversight and management of mortgage foreclosure activities.

The guidance does not address detailed mortgage servicing requirements, or broader issues related to working with troubled borrowers, which the OCC indicates will be addressed at a later date.

The guidance is available at:

http://www.occ.gov/news-issuances/bulletins/2011/bulletin-2011-29.html


As you may recall, the OCC previously issued the results of its "Interagency Review of Foreclosure Policies and Practices" in April of 2011. A copy is available at:

http://www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-47a.pdf


Among other things, OCC Bulletin 2011-29 provides additional clarification regarding adequate staffing and training, dual-track processing, management of affidavit and notary practices, documentation, oversight of third-party service providers, and adherence to all laws and regulations related to mortgage foreclosure.

The bulletin also requires all OCC-regulated entities to conduct a self-assessment of foreclosure management practices no later than September 30, 2011 and to correct any weaknesses identified. According to the OCC, national bank examiners will review the self-assessments and corrective actions in the next quarterly review or examination.