OCC Terminates Foreclosure-Related Consent Order for OneWest

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Banks Foreclosure-Related Consent Order OCC OneWest 2015-07-27 Brian Honea Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Office of the Comptroller of the Currency (OCC) announced the termination of the 2011 foreclosure-related consent order for OneWest Bank, having determined that the bank has satisfied the terms of the consent order.OneWest was one of 12 mortgage servicers penalized by the OCC and the Office of Thrift Supervision (OTS) in April 2011 for deficient mortgage servicing and foreclosure practices. The OCC handed down enforcement actions against Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank, and Wells Fargo. The OTS penalized Aurora Bank, EverBank, OneWest Bank, and Sovereign Bank.The consent orders handed down against the servicers were based on findings by an examiner during an interagency review of major mortgage servicers conducted during Q4 2010, at the height of the foreclosure crisis. The OTS reported at the time of the consent order in 2011 that OneWest serviced a portfolio of approximately $141 billion in residential mortgage loans.At the same time the OCC announced the termination of OneWest’s consent order, the agency announced that it had granted approval for the Pasadena, California-based bank to merge with CIT Bank, which is based in Salt Lake City, Utah. The name of the new merged bank will be CIT Bank, N.A.OneWest was one of eight national banks included in the OCC’s Q1 2015 Quarterly Mortgage Metrics Report released in late June. The OCC reported that the percentage of performing first-lien mortgages at the eight banks had increased from 93.1 to 94.2 percent year-over-year and that foreclosure activity had declined during that same period by more than 30 percent to just less than 300,000 loans.Click here to view a copy of the original consent order against OneWest in April 2011. To view a copy of the consent order termination, click here. The Best Markets For Residential Property Investors 2 days agocenter_img Previous: Presidential Hopeful Ben Carson Is Skeptical of the New Fair Housing Rule Next: DS News Webcast: Tuesday 7/27/2015 Tagged with: Banks Foreclosure-Related Consent Order OCC OneWest OCC Terminates Foreclosure-Related Consent Order for OneWest Servicers Navigate the Post-Pandemic World 2 days ago July 27, 2015 1,748 Views Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / OCC Terminates Foreclosure-Related Consent Order for OneWest About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more