Mortgage Servicing

Regulators Place Enforcement Actions on Ten Firms 

The Federal Reserve (Fed), in an interagency action with the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS), has announced enforcement actions taken against 10 banking organizations, including eight national banks and two servicing entities.  The actions are a culmination of an investigation, and subsequent report,  into the residential mortgage loan servicing and foreclosure processing practices that identified deficiencies from a pattern of misconduct and negligence.   "These comprehensive enforcement actions, coordinated among the federal banking regulators, require major reforms in mortgage servicing operations," said acting Comptroller of the Currency John Walsh.