QMS Offers Service for OCC's Required Foreclosure Audits to Prevent Improper Practices

Quality Mortgage Services LLC (QMS), a provider of mortgage quality assurance and mortgage compliance solutions nationwide, has announced that its federal regulatory and custom foreclosure audit services fulfill the requirements for foreclosure audits as outlined by the Office of the Comptroller of Currency (OCC). More than two million homeowners hit with foreclosure in 2009 and 2010 will receive letters explaining their right to an independent audit review of how they were treated during the foreclosure process. The purpose of the letter is to identify homeowners who were financially harmed due to improper foreclosure practices by their servicer. Homeowners then have the right to demand a review of their case. “This is a perfect fit for us,” said Tommy A. Duncan, president of Quality Mortgage Services LLC (QMS). “We already have the staff and software support to provide this service to mortgage servicers who will need to hire third-party auditors to review their cases.” Mortgage servicers and independent mortgage auditing firms can conduct these reviews, who will then decide whether the homeowner should be financially compensated based upon an unlawful foreclosure or excessive fees.