OCC Issuing Alert to Consumers About Independent Foreclosure Reviews

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The OCC is rolling out its first public service announcements to alert consumers about the Independent Foreclosure Review announced by it, the Fed, and the OTS in early November.  The campaign follows the distribution of over 4 million letters to potentially eligible borrowers which include forms for submitting requests and instructions on how to use them.

The public service materials include a feature story and two 30-second radio spots in English and Spanish.  These will be distributed to 7,000 small newspapers and 6,500 radio stations throughout the U.S. The announcements inform consumers of the specifics of the program which lets borrowers who faced foreclosure during 2009 or 2010 request reviews of their cases if they believe errors in the procedures used by servicers pursuing foreclosure actions caused them to suffer financial loss. 

The parameters for determining eligibility are explained and borrowers are directed to a starting point for their requests.  Over 20 of the largest servicing companies are mandated to offer and process the reviews:  America’s Servicing Company, Aurora Loan Services, Bank of America, Beneficial, Chase, Citibank, CitiFinancial, Citi Mortgage, Country-Wide, EMC, EverBank/Everhome, Freedom Financial, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Ser vices, MetLife Bank, National City, PNC, Sovereign Bank, Sun-Trust Mortgage, U.S. Bank, Wachovia, Washington Mutual, and Wells Fargo.

Tags: AMERICA'S SERVICING COMPANY, Aurora Loan Services, Bank of America, bankruptcy, Beneficial, borrower, Chase, Citi Mortgage, Citibank, CitiFinancial, Country-Wide, countrywide, disclosure, EMC, EverBank/Everhome, foreclosure, foreclosure defense, foreclosure offense, FORECLOSURE REVIEW, foreclosures, fraud, Freedom Financial, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Ser vices, LOAN MODIFICATION, MetLife Bank, modification, NATIONAL CITY, OCC, PNC, quiet title, rescission, RESPA, securitization, Sovereign Bank, Sun-Trust Mortgage, TILA audit, trustee, U.S. Bank, Wachovia, Washington Mutual, WEISBAND, Wells Fargo
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