Friday, May 11, 2012

OCC Removes Allonhill LLC as Independent Reviewer of Foreclosures

Allonhill LLC , a consultant hired for a regulator-required review of whether borrowers were cheated by U.S. mortgage servicers, was fired from the job today by the Office of the Comptroller of the Currency, saying the firm had a conflict of interest.

Denver-based Allonhill was working for Aurora Bank FSB, based in Wilmington, Delaware, and as a subcontractor working with Promontory Financial Group LLC for Wells Fargo & Co. (WFC), after a settlement required the mortgage servicers to have their foreclosures reviewed, the OCC said in a statement today. Allonhill self-reported that it had made prior reviews “of loans that are part of the same pool of loans” in the current review, the OCC said.

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