Daily Archives: July 1, 2015

Citi fails National Mortgage Settlement loan modification metric

Citi [C] failed one of the new metrics used by the National Mortgage Settlement and the Monitoring Committee regarding loan modifications.

Bank of America, Chase, Green Tree and Wells Fargopassed all the metrics tested in the second half of 2014.

“I am pleased to see that the servicers are adhering to the NMS’s servicing rules, which aim to give borrowers better experiences,” said Joseph Smith, NMS monitor. “Among five servicers and over six months, only one failure was uncovered, and of the servicers who had earlier fails to address, the corrective actions put in place were successful.

“Green Tree completed eight corrective action plans (CAPs) to address the root causes of its previous fails. During the cure period, which is Green Tree’s chance to fix the issue, I found no evidence of any failures.

“Citi failed one of the new metrics the Monitoring Committee and I negotiated to address the loan modification process. It also implemented an approved CAP and cured the fail in the next quarter.”

Read on.