The Office of the Comptroller of the Currency announced this month that it has created a mandatory course of enforcement action against eight major mortgage service providers like JPMorgan Chase, Citibank, and Wells Fargo. Unlike the loan modification programs, the banks can't choose to sit this one out.
But what are the banks really required to do?
On today's Equifax personal finance blog, I break down what the OCC's plan means for the big banks, consumers, and the real estate market.
Basically, the plan requires improvement in these problem areas:
- Better communication with borrowers
- Prevention against dual tracking
- Oversight and control of third-party vendors
- Engagement of an independent auditing firm
- Establishing restitution processes for borrowers
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blog and CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investor
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