According to recent findings and developing federal regulations, reviews for foreclosures may have been poorly designed and carelessly executed. In addition to a multi-billion dollar deal to payback eligible borrowers harmed by the foreclosure crisis, recent reports are suggesting the review process is unclear and inconsistent.

In 2011, a foreclosure review process was ordered by the Federal Reserve and the Office of the Comptroller of the Currency. The result of the review was a $9.3 billion settlement with more than a dozen lenders, including Wells Fargo, JPMorgan Chase, and Bank of America, to compensate distressed homeowners, many who lost their homes.

Now, the Government Accountability Office (GAO) reports foreclosure reviews fail to be transparent and clear. The main reason? Poor documentation, incomplete reporting, and incorrect interpretation were main errors that tainted the review process and delayed review completion.

The GAO recently reported three recommendations to reduce the number of errors:

  • To improve consistency - review oversight of methods of sampling
  • To better clarity - identify and improve process and development
  • To ensure transparency - implement a communication strategy

Each foreclosure review can contain dozens of documents and thousands of pages. If you are a mortgage professional and are finding your staff is drowning in tedious foreclosure paperwork, Blue Streak Docs can improve your office’s efficiency. Let our team rescue you from the deep waters of the foreclosure review process. Our document retrieval company can handle the details, so you can move onto more important matters. Contact Blue Streak Docs today at 727-479-0007.

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