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Servicers Have More Time to Comply with Consent Orders

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Mortgage Daily

                                                 June 13, 2011

Federal banking regulators have extended a deadline for mortgage servicers to comply with recent consent orders.

The extension was announced separately by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

On April 13, the Federal Deposit Insurance Corp. said the nation’s 14 largest mortgage servicers faced enforcement actions over their servicing practices. Eight national bank-servicers each signed consent orders with the OCC.

Based on requirements in Article III through Article IX of the consent orders, the eight servicers were required to submit plans; programs, policies and procedures; and foreclosure review engagement letters.

Today’s statement indicated that the deadline for submission of the requirements has been extended by 30 days.

The OCC said it granted the extension at the request of the Department of Justice.

The delay is intended to allow coordination of actions with other agencies at the state and federal level.

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