It is looking more likely new mortgage servicing requirements from federal regulators will be merged with the separate settlement under development by the 50 state attorneys general.
Servicers signed consent orders with the Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision in April, agreeing to submit action plans, detailing how they will boost staff and comply with new requirements. These include establishing a single-point of contact and prohibiting foreclosures while a loan is being evaluated for a modification among others.
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