The Office of the Comptroller of the Currency (OCC) regulates national banks and related entities. After conducting its investigation of foreclosure, servicing, loan modification and short sale abuses, the OCC took enforcement action against 8 servicers and 2 service providers.
The eight servicers are Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank, and Wells Fargo. The two service providers are Lender Processing Services (LPS) and its subsidiaries DocX, LLC, and LPD Default Solutions, Inc.; and MERSCORP and its wholly owned subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS)
In a nutshell, each of these companies will to have to CLEAN UP ITS ACT!!!!!!
To read the entire announcement from the OCC, click Here.
Maybe now we’ll see some reasonable responses to short sale and loan modification requests, instead of the auto-pilot conveyor belt straight to foreclosure.