Jon Prior, Housing Wire
The Office of the Comptroller of the Currencyreleased the names of the third-party consultant firms that will be conducting the reviews of more than 4.5 million foreclosure files at the largest mortgage servicers.
Under the consent orders signed with the OCC and theFederal Reserve, servicers such as Bank of America(BAC: 5.36 -2.37%), JPMorgan Chase (JPM: 29.475 -1.45%), and Wells Fargo (WFC: 23.95 -0.95%) had to hire these firms to independently review foreclosures completed between Jan. 1, 2009 and Dec. 31, 2010 in order to identify which borrowers directly affected by fraudulent and messy practices.
Last year, the servicers were found to be foreclosing on borrowers during modification trials. Some firms were found to forging signatures on some processing documents, as well.
The reviews began in November. The servicers began mailing letters to eligible borrowers explaining how they can request a review of their case and receive a possible remediation. The borrower has until April 30, 2012 to request a review.
Promontory Financial Group will be reviewing files at BofA, Wells and PNC Bank (PNC: 50.29 -1.33%).
Deloitte & Touche will be reviewing files at Chase.
PricewaterhouseCoopers will conduct reviews at Citi and U.S. Bank (USB: 24.70 +0.32%).
Ernst & Young will review files at HSBC (HBC: 36.81+0.96%) and MetLife Bank (MET: 29.53 -1.24%).
Clayton Services will conduct reviews at EverBank.
Navigant Consulting will go through files at OneWest. And Treliant Risk Advisors will conduct reviews atSovereign Bank.
Two other servicers that signed consent orders Ally Financial (GJM: 20.39 +0.64%) and SunTrust Banks(STI: 17.41 -1.30%) are regulated by the Fed. The third-party companies reviewing their files have not been released yet.
