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The Office of the Comptroller of the Currency said it has told due diligence firm Allonhill to stop its review of foreclosure files as part of an industry-wide investigation.
Allonhill, in a statement, called the OCC's action "wholly without merit."
In a news release late Friday, the OCC said Allonhill told the agency about third-party work “inconsistent with the independence requirements for independent consultants.” That work, the OCC said, included a previous overlook of loans now being investigated by the OCC.
Allonhill was leading the review of Aurora Bank and was a subcontractor in the review of Wells Fargo ($40.20 0%). In a September letter confirming Allonhill's review, the firm said it had "not performed any previous engagements with Aurora Bank."
The foreclosure reviews stem from consent orders and enforcement actions from the OCC, the Federal Reserve and the Office of Thrift Supervision against 14 large mortgage servicers.
"At Allonhill, we have always been committed to the highest levels of integrity and transparency," founder and CEO Sue Allon said. "While we have the utmost regard for the objectives of the Independent Foreclosure Review process and its positive impact on the mortgage industry, we are profoundly disappointed by the OCC’s decision."
The OCC said the decision "does not reflect on the quality of work" by Allonhill. An OCC spokesperson did not immediately respond to a request for comment.
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