Office of Mortgage Settlement Oversight Issues First Progress Report

Regarding the National Mortgage Settlement with the big five servicers, the oversight group headed by Joseph A. Smith has issued its first report.

You will note that the self-reporting servicers say they are doing awesome!  They love them some short sales, that’s for sure.  It’s fun to get Monopoly credit for deficiencies that you weren’t going to collect anyway.

But guess what, consumers?  You can complain if you are having problems.  Even you deadbeats have rights. Your experiences will be duly noted, charted, logged and counted.  See below:

From the Market Place
It is my intention to use information from borrowers and the professionals who represent them to supplement the work that I am doing. To that end, I have developed a website at to inform the public about the Settlement and my role in it. To date, the site has received over 20,000 visitors and close to 80,000 page views since its launch in April 2012. The website not only disseminates information, but also collects it. Through easy-to-use online forms, consumers and their advocates can share their real-world servicing experiences with me.
Since the May 2012 addition of the online forms to the website, I have received almost 1,300 distinct submissions from consumers in 49 states and the District of Columbia whose loans are serviced by one or more of the Servicers, many with explanatory narrative that adds a richness and depth to the statistical data gathered. Of these reports, almost three-fourths identify consumer problems with the loan modification process, customer service (including Single Points of Contact), and foreclosure documentation.
Through a separate “portal” on the website, we have also received 118 submissions from professionals representing or assisting homeowners, such as legal aid attorneys and attorneys in private practice, bankruptcy attorneys and trustees, housing and credit counselors, non-profit advocates, realtors, Attorneys General offices, and state banking regulatory agencies. These submissions typically include statistical data regarding potential violations of the Servicing Standards, as well as related explanatory narrative, and, like the consumer reporting, add a significant level of detail and critical insight about ongoing consumer experiences with the Servicers.
Both the consumer and professional reporting will be regularly reviewed, maintained in a database, and evaluated on an ongoing basis for trends that may illuminate where there may be gaps in the metrics or potential shortcomings in the performance of the Servicers under the terms of the Settlement. This reporting will be a key window my office will use through which to view performance of the Servicers and by extension the success of the Settlement.


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