OCC Announces Additional Foreclosure Review Settlement

Mortgage Servicing OCC

On August 23, the OCC announced an amended consent order with one of the financial institutions that entered into a consent order in April 2011 to resolve allegations that the institutions engaged in improper mortgage servicing and foreclosure processing practices. The agreement follows numerous others released earlier this year and requires the institution to pay roughly $43 million, including $37 million in cash payments to more than 32,000 borrowers. The amendment also effectively ends the Independent Foreclosure Review process set forth under the original consent order for the institution and its customers.