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Home » Banking, Compliance Risk, Enterprise Risk, Featured

OCC Issues Report on Fixing Deficient Foreclosure Practices

Submitted by on November 28, 2011 – 10:58 amBe the first to comment on this story.

The Office of the Comptroller of the Currency (OCC) issued a report on the actions by 12 national bank and federal savings association mortgage servicers to comply with consent orders issued in April 2011 to correct deficient and unsafe or unsound foreclosure practices.

The report, “Interim Status Report: Foreclosure-Related Consent Orders,” summarizes progress on activities related to the independent foreclosure review announced November 1, 2011, as well as other activities to enhance mortgage servicing operations, strengthen oversight of third-party service providers and activities related to Mortgage Electronic Registration Systems (MERS), improve management information systems, assess and manage risk, and ensure compliance with applicable laws and regulations. Read the full press release on the website of the Office of the Comptroller of the Currency.

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