Skip to main content
Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

Prudential Regulators Fine Mortgage Company Over "Significant Deficiencies" in Foreclosure-Related Services

FDIC Courts Banking Foreclosure Federal Reserve OCC

Courts

On January 24, the Federal Reserve, the FDIC, and the Office of the Comptroller of the Currency filed an amended Consent Order fining a foreclosure services provider $65 million for “improper actions” conducted by the company’s predecessor. The fine replaces all obligations to complete the “Document Execution Review” required in the original 2011 consent order between the same agencies and the servicer’s predecessor.  In the 2011 order, the agencies claimed, among other things, that the predecessor company’s actions resulted in significant deficiencies in the foreclosure-related services it provided to mortgage servicers.