Banks Complete Settlement Consumer Relief Obligations

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today filed with the U.S. District Court for the District of Columbia, final crediting reports on Bank of America, Chase, Citi and Wells Fargo. These reports confirm that the banks have satisfied their consumer relief and refinancing obligations under the Settlement. To read the full release, click here.

National Mortgage Settlement Monitor Speaks to the Mortgage Bankers Association

Click here to read Joseph Smith’s remarks to the Mortgage Bankers Association at the 2014 National Mortgage Servicing Conference and Expo.

Monitor Submits Two Consumer Relief Reports

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today filed with the U.S. District Court for the District of Columbia two reports regarding the crediting of consumer relief activities for the ResCap Parties and Wells Fargo. To view the Monitor’s full statement regarding these reports, please click here.

Download the ResCap Parties report by clicking here. Download the Wells Fargo report by clicking here.

Banks Nearing Completion of Settlement Consumer Relief Obligations

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today filed with the U.S. District Court for the District of Columbia interim credit reports on Bank of America, Chase, Citi and Wells Fargo. To read the full release, click here.

Mortgage Settlement Monitor Creates Four New Enforcement Metrics

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today announced that he has issued four new metrics, or tests, to measure the banks’ compliance with the Settlement’s servicing standards. To read the full release, click here.

 

National Mortgage Settlement Monitor Speaks at the 2013 American Mortgage Conference

Click here to read Joseph Smith’s remarks providing an update on monitoring the National Mortgage Settlement.

Banks Report $51 Billion in National Mortgage Settlement Consumer Relief

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, has received an update on the consumer relief activities the five banks that are parties to the Settlement reported through June 30, 2013. The banks sent these reports to each state that is party to the Settlement, with copies to the Monitor and the Monitoring Committee. According to this data, 643,726 borrowers have benefited from some type of consumer relief totaling $51.33 billion, which, on average, represents about $79,742 per borrower. This figure includes both completed Consumer Relief and active first lien trial modifications as of June 30. To read the full release, click here.

Mortgage Settlement Monitor Reports Eight Fails in Testing Results

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today released a summary of the five compliance reports he submitted to the United States District Court for the District of Columbia. This summary includes information about the banks’ (Bank of America, Chase, Citi, ResCap Parties and Wells Fargo) compliance with the Settlement’s servicing rules.  To view the full release, click here.

Joseph Smith discusses his compliance reports on CNBC’s Squawk Box

CNBC

Office of Mortgage Settlement Oversight Commends Gov. Holshouser’s Life of Service

RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today released a statement regarding the passing of Governor James E. Holshouser. To view the statement, please click here.

Joseph Smith Testifies Before the Senate Banking Subcommittee on Housing, Transportation and Community Development

Joseph Smith testified before the Senate Banking Subcommittee on Housing, Transportation and Community Development on April 17, 2013. His written testimony can be found here.

Joseph Smith Gives Keynote Address at Women in Housing and Finance Annual Symposium

One year into the Settlement’s implementation, Smith will discuss progress on servicing standards compliance, consumer relief obligations and observations from his post as Monitor. Smith’s full remarks to the Women in Housing and Finance Annual Symposium as prepared can be found here.

Joseph Smith Provides Update on National Mortgage Settlement Consumer Relief Distribution

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today released a report  that outlines the consumer relief activities the five banks that are parties to the settlement have conducted since March 1, 2012. The banks disclosed that they have extended more than $26.11 billion in gross relief to more than 300,000 borrowers, or roughly $84,385 per homeowner. The full press release can be found here.

The full report can be found here. The Monitor’s state-by-state data map is available here.

 

Monitor Launches Outreach to Service Members

Joseph A. Smith, Jr., Monitor of the national mortgage servicing settlement, today announced the launch of military-specific outreach about the national mortgage settlement. Specifically, Smith will encourage service members and their advocates to report mortgage servicing complaints via online forms to better inform the settlement’s oversight.

The Monitor has developed fact sheets specific to service members and service member advocates to explain parts of the national mortgage settlement particular to military personnel.

  • Click here for the service member fact sheet
  • Click here for the service member advocate fact sheet

To collect mortgage servicing complaints, Smith has two online forms available to military personnel and their advocates:

Reporting Client and Constituent Issues Webinar Recording

recording of The Office of Mortgage Settlement Oversight’s webinar about reporting client and constituent issues can be downloaded or streamed online.

We shared information on reporting client/constituent mortgage servicing issues to the Monitor of the National Mortgage Settlement. By sharing your clients’ or constituents’ information, you will help the Monitor better understand how servicers are treating their customers across the country. The information you provide can help make the settlement more meaningful for all homeowners, because the agreement gives the Monitor additional enforcement tools when systemic violations are identified.


National Mortgage Settlement Monitor Speaks at the 2012 NFCC Annual Leaders Conference

Click here to read a copy of the Monitor’s speech at the National Foundation for Credit Counseling (NFCC)  Annual Leaders Conference.

National Mortgage Settlement Monitor Speaks at the 2012 American Mortgage Conference

Click here to read a copy of the Monitor’s speech providing an update on monitoring the National Mortgage Settlement.

Mortgage Settlement Monitor Releases Progress Report

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today released a report that outlines details about the settlement, steps his office has taken to implement it and progress made by the five banks that are parties to the settlement to date. The full press release can be found here.

The full report can be found here. The Monitor also created an interactive report that can be found here.

Who monitors whom?

Click below to view an organizational graphic that shows how the Monitor’s team will work together.

National Mortgage Settlement Monitor Speaks at the National Consumer Law Center 2012 Summer Mortgage Conference

Click below to read a copy of the Monitor’s speech discussing the purpose of the settlement, the Monitor’s role and what consumer advocates can do to help.

NCLC Speech

National mortgage settlement monitor’s blend of professionals assists in oversight

Joseph Smith discusses the national mortgage settlement on CNBC’s Squawk Box

National mortgage settlement monitor Joseph Smith