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The MReport Webcast: Thursday 6/19/2015

In an effort to escheat any remaining uncashed payments that borrowers made pursuant to the 2013 Independent Foreclosure Review Payment Agreement, the Office of the Comptroller of the Currency announced today that six servicers will now face several business restrictions for not complying with the consent order requirements. The six institutions that the OCC determined have not met all the requirements of the IFR Payment Agreement were Everbank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank, and Wells Fargo.

The restrictions include limitations on the acquisition of residential MSR portfolios, new contracts to perform residential mortgage servicing for other parties, the outsourcing or sub-servicing of new residential mortgage servicing activities to other parties, off-shoring new residential mortgage servicing activities, and new appointments of senior officers responsible for residential mortgage servicing. The OCC said the restrictions will vary based on the individual circumstances of each bank, and the agency will continue to monitor the corrective actions for these institutions.

A proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule was announced on Wednesday by the Consumer Financial Protection Bureau. The proposal is requesting that the TRID rule be postponed until October 1, 2015 due to an administrative error. The TRID rule was originally set to go into effect on August 1, 2015.

About Author: Jordan Funderburk

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