OCC Issues Guidance To Banks Regarding Foreclosure Practices
June 30, 2011
The Office of the Comptroller of the Currency today clarified expectations for the oversight and management of mortgage foreclosure activities by national banks.
OCC Bulletin 2011-29 stresses that banks engaged in mortgage servicing must ensure compliance with foreclosure laws, conduct foreclosures in a safe and sound manner, and establish responsible business practices that provide accountability and appropriate treatment of borrowers.
The bulletin provides additional clarification on expectations regarding governance of foreclosure process to include adequate staffing and training, dual-track processing, management of affidavit and notary practices, documentation, oversight of third-party service providers, and adherence to all laws and regulations related to mortgage foreclosure.