Our nation’s top servicers received mainly “passing” scores on a recent compliance test released by the National Mortgage Monitor. The servicers who were tested are Bank of America, Wells Fargo, CitiGroup, Chase, and ResCap.

While at first glance, the servicers received failing scores in the loan modification documentation timelines and single-point-of-contact requirements. But when taking a closer look, the national monitor reports these servicers are passing most areas of the compliance testing. These results suggests the issues with the housing market are not easy ones and the servicers still have a lot of work to do, despite the mostly positive results.

Below are some highlights of the results reported by the National Mortgage Monitor. The servicers were tested in a few testing periods; not all of the metrics were tested at once.

  • Wells Fargo failed one out of 20+ metrics - loan modification document collection timelines.
  • Wells Fargo passed on foreclosure errors and meeting single-point-of-contact guidelines.
  • After the results were published, Wells Fargo released the statement: "We promptly initiated an action plan to improve our response to borrowers on their loan modification applications under Metric 19 and our internal reviews show that we are now meeting those requirements as well.  As of the third reporting period, we will meet all the 28 other metrics."
  • Bank of America failed 2 out of 12 tests.
  • Bank of America succeeded in compliance during foreclosures, meeting single-point-of-contact guidelines and in responding to complaints within certain time frames.
  • Bank of America struggled with pre-foreclosure initiation and loan modification document collection.
  • Chase failed one metric – meeting loan modification timelines.
  • Chase passed key areas, including prohibiting dual tracking and maintaining a single-point-of contact.
  • Citigroup failed in 2 of 15 areas – short-sale document collection and pre-foreclosure initiation.
  • Citigroup passed key areas, including single-point-of-contact guidelines, workforce management, and force-placed insurance compliance.
  • ResCap reported no testing failures in these recent results.

With the reigns of the housing market tightening in recent years, it is key to be updated with compliance and other real estate standards. Blue Streak Docs is a document retrieval company that helps mortgage professionals and real estate attorneys keep up with their heavy workload. We have the time to assist our clients with tracking down property reports, deed in lieu paperwork, title searches, and document recording. Let our staff handle the details for you, so you can manage the bigger picture! For more information about our pricing and services, contact our staff today at 727-479-0007.

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