Federal Reserve Releases Additional Servicer Action Plans

Federal Reserve Mortgage Servicing

On March 8, the Federal Reserve Board released action plans for three additional supervised financial institutions. The plans are designed to correct alleged deficiencies in mortgage servicing and foreclosure procedures. The release also included an additional engagement letter between one financial institution and a third-party foreclosure review firm retained by the financial institution to review foreclosures that were in process in 2009 and 2010. The action plans and engagement letters are required by formal enforcement actions issued by the Federal Reserve last year. The Federal Reserve first released a group of action plans and engagement letters on February 27, 2012.