Banks and mortgage servicers are making progress in improving their processes and contacting homeowners hurt by invalid or flawed foreclosures, the Office of the U.S. Comptroller of the Currency (OCC) reported.
Under the consent decrees, banks were required to hire consultants to identify borrowers who improperly lost their homes, failed to get loans rewritten or were forced into court in 2009 and 2010 because of mistakes made by mortgage servicers or their vendors.
Mortgage servicers this month began contacting borrowers who may have suffered financial injury from errors and misrepresentations.
The companies also established a central website to help borrowers contact servicers and file claims.
Companies including JPMorgan Chase, Citigroup and Wells Fargo were part of the April accord.
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