About the Section: Servicing Standards
Posted on August 29, 2012
The National Mortgage Settlement establishes a number of new rules – or servicing standards – that are designed to correct past abuses and benefit homeowners. There are 304 servicing standards that address the following issue areas: foreclosure process, loan modification, customer service, fees, documentation and military personnel. The goal is to stop past abuses, such as robo-signing or dual tracking, improve the accuracy of information, provide better communication, and make foreclosure a last resort, among other benefits.
Click below to see the following contents.
- An infographic summarizing the settlement’s servicing standards.
- A video of Joseph Smith describing the impact the servicing standards can have on the U.S. mortgage industry.
- A timeline depicting implementation of the servicing standards.
Click here to access the Servicing Standards section of the Progress Report.