The Office of the Comptroller of the Currency will release another round of advertising and outreach later this month related to the foreclosure reviews under way with large mortgage servicers.
The reviews come under consent orders the OCC and the Federal Reserve signed with the 14 largest mortgage servicers last April. Roughly 4.3 million borrowers could be eligible for a review if they were in the foreclosure process at some point in 2009 or 2010.
Servicers and their independent consultants received roughly 121,000 review request forms through March, according to the OCC. Borrowers have until July 31 to request a review.
The firms will issue remediation plans for any errors found, and they must be approved by the regulators.
New Comptroller of the Currency Thomas Curry asked a group of housing experts at the Greenlining Institute to spread the word Thursday. Bank of America ($13.31 0%) recently paid several housing counselor nonprofits to usher borrowers to the review process.
"If they don't like the results, they don't have to take it and they can choose to pursue whatever other legal remedies may be available," Curry said. "But if they believe they truly did suffer financial harm as a result of flawed mortgage servicing practices, I encourage them to explore this process."
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