Alert March 20, 2012

National Mortgage Settlement Terms Revealed

The DOJ has released the final terms of the mortgage settlement agreement reached among the federal government, state attorneys general and the five mortgage servicers.  The terms include new servicing standards, such as requirements to appoint a “single point of contact” for borrowers, and to establish loan and foreclosure documentation training and procedures to prevent “dual tracking” – continuing the foreclosure process on a borrower who is simultaneously seeking a loan modification; and incentives for providing consumers with alternative foreclosure options. Click here for a link to the consent judgments and here for the National Mortgage Settlement website.