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Another chapter in the aftermath of the 2008 crash came to a conclusion as the federal monitor for the National Mortgage Settlement (NMS) announced that his office uncovered no failed metrics by the original NMS servicers during the third quarter of 2015 and will now end the NMS rules imposed on those companies.
In the report “Original Servicers’ Final Compliance Update” with the U.S. District Court for the District of Columbia, NMS Monitor Joseph A. Smith Jr. affirmed that the remaining servicers under this authority—Bank of America, Chase, Citi, Ditech and Wells Fargo—successfully met their NMS mortgage servicing standards during the third quarter and are no longer in need of his oversight.
“The Settlement has improved the way these servicers treat distressed borrowers,” said Smith. “The banks undertook more than 630,000 transactions and provided borrowers with more than $50 billion in consumer relief, and I believe the Settlement contributed towards the rebuilding of public trust and confidence in the mortgage market. I hope that it will inform future regulation of financial institutions and markets.”