Under the Settlement, five mortgage companies – Bank of America, Citi, GMAC/Ally, JPMorgan Chase, and Wells Fargo – must improve the way they treat their customers and reform certain loan modification review and foreclosure practices. Some of the most important requirements are:
- Dual tracking restricted: If your mortgage company is currently considering you for a loan modification, it cannot move forward with the foreclosure process until it has reached a determination. Learn more about dual tracking reforms.
- Single point of contact: Your mortgage company must provide a single person to help you throughout loss mitigation, loan modification, and the foreclosure process if you have requested Settlement relief and you are potentially eligible for relief.
- Loan modification timelines: The Settlement sets deadlines for your mortgage company to notify you of missing documents and review your loan modification application.
This fact sheet summarizes the new servicing standards, which went into effect on October 3, 2012. If you believe your mortgage company is violating the servicing standards listed on the fact sheet, contact us to file a complaint.