Joseph A. Smith Jr., Monitor of the $25 billion mortgage servicing settlement, has announced that he has engaged BDO Consulting, a division of BDO USA LLP, as his primary professional firm. BDO will join the Monitor and his team for a period of three-and-a-half years as they oversee the implementation of the settlement involving 49 states, the United States government and five of the nation’s largest banks.
“As I entered the process of engaging the primary professional firm, I knew it would be critical to find the right balance of independence and capacity,” said Smith. “I conducted a thorough review of more than 20 firms, and I am confident that I have found the best balance in BDO. I’ll also continue to work with other forensic accountants, consultants and attorneys. I am now in the process of engaging secondary professional firms, which will provide additional support. This blend of experts will provide me the benefit of various perspectives and proficiencies while ensuring we have the boots on the ground necessary to do our work.”
For more than 100 years, BDO USA has served as an accounting, tax, financial advisory and consulting organization. BDO serves clients through 41 offices and more than 400 independent alliance firm locations nationwide. More than 30 BDO professionals will work with Smith to oversee the settlement.
“We at BDO are honored and gratified to have been selected by the Monitor for this important work,” said Carl W. Pergola, partner-in-charge of BDO’s consulting services. “BDO will work closely with the Monitor and the secondary professional firms to facilitate compliance with the agreement.”
Exhibit E, Section C of the consent judgments directs the Monitor to retain a primary professional firm. Under the Monitor’s direction, BDO will work in this role alongside his staff of consultants, forensic accountants, attorneys and secondary professional firms to oversee the settlement. During the next month, Smith will work with this blend of experts to create the work plan for overseeing the banks.
“BDO has significant mortgage industry experience servicing large retail mortgage lenders and financial institutions, having conducted related assessments and investigations subject to regulatory oversight,” said BDO Consulting partner Anthony M. Lendez. “Having managed numerous multi-disciplinary, multi-firm project teams to complete complex and time-sensitive matters, we believe our experience and qualifications will prove valuable in assisting the Monitor.”