Servicing Settlement Monitor Launches Online Complaint Reporting Tool – NMP Skip to main content

Servicing Settlement Monitor Launches Online Complaint Reporting Tool

NationalMortgageProfessional.com
May 10, 2012

Joseph A. Smith Jr. monitor of the national mortgage servicing settlement, has announced the launch of an online tool for consumer advocates to report their clients’ mortgage servicing complaints. Smith recently announced the development of this Web site to attendees of the National Community Reinvestment Coalition (NCRC) annual conference. Last month, Smith officially assumed his position as Monitor of the mortgage servicing settlement among 49 states, the federal government and five major banks. In this role, Smith works to ensure that the banks comply with the requirements outlined in the settlement agreement. The agreement does not charge Smith with assisting individual consumers with their complaints, but the information gathered from this online tool will inform Smith how the servicers are treating their customers. As Monitor, Smith will look for trends in servicing complaints as the banks move forward with implementing the agreement. “Lawyers, caseworkers and other consumer advocates are the eyes and ears on the ground who will know first, and know intimately, what kind of difference these payments, adjustments and programs are making," said Smith. "That’s why we’ve created this dedicated tool—to see what they’re seeing. This allows me, as Monitor, to hear complaints and learn more about advocates’ impressions of how the settlement is working. Although I’ll extensively review reports and monitoring from the banks and my own team of auditors, it is still critical for me to receive information from the heart of each community this settlement serves.” Smith will use the information gathered from these recorded complaints to investigate any notable trends. To report a complaint, professionals will visit the site, fill out information about themselves and their clients, and select from choices on which servicing issues their clients have experienced. The options on the form cover the more than 200 servicing standards outlined in the agreement. “I believe that the settlement will bring relief to distressed borrowers and help communities across the country,” Smith said. “To do so, we need to be certain that the agreement’s servicing standards are being adhered to, and professionals who fill out this form will help inform me of any recurring issues that need to be addressed. I appreciate all who participate, as they will help ensure that this settlement makes a difference in mortgage servicing standards for all borrowers.”  
Published
May 10, 2012
CFPB Seeks Insight On Creating A Fairer Mortgage Market

The Consumer Financial Protection Bureau has been actively looking to create a fairer mortgage market, free of discriminatory engagements. To do so, it issued a Request for Information to seek input on rules implementing the Home Mortgage Disclosure Act.

Regulation and Compliance
Nov 17, 2021
Regulators Renew Effort to Protect Against Foreclosures

CFPB, The Fed, FDIC and other agencies will watch for compliance with COVID-19 protections

Regulation and Compliance
Nov 10, 2021
Fed To Begin Tapering Asset Purchases by 14.3% This Month

Also sets target range for the federal funds rate at 0 to 1/4%.

Regulation and Compliance
Nov 03, 2021
CFPB Cracks Down On Discriminatory Credit Reporting For Black And Hispanic Consumers

Consumers in majority Black and Hispanic neighborhoods are far more likely to have disputes appear on their credit reports. 

Regulation and Compliance
Nov 03, 2021
CFPB Names 2 New Assistant Directors

Former Obama Administration officials will lead Supervision Policy, Enforcement divisions.

Regulation and Compliance
Oct 29, 2021
FHFA Proposes Extra Disclosure Rules For Fannie, Freddie

The proposed rule for the Enterprise Regulatory Capital Framework seeks to put Enterprises on a "level playing field" with U.S. banking requirements.

Regulation and Compliance
Oct 28, 2021