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Servicing / The Ticker

OCC addresses foreclosure review controversy with new guidelines

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According to Reuters, the Office of the Comptroller of the Currency published new ground rules on when the agency should tell banks to hire outside consultants. The agency made this decision after facing criticism over past foreclosure reviews that involved outside consultants.

The Office of the Comptroller of the Currency could require a bank to retain an independent consultant if the problems are severe and the agency is concerned about the bank's ability to fix the issues, it said in the new guidance.

"While consultants can provide knowledge, expertise, and additional resources, we must take care to ensure they maintain independence and are subject to appropriate oversight," Comptroller of the Currency Thomas Curry said in a statement.

Source: Reuters
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