The Office of the Comptroller of the Currency posted the actual engagement letters Tuesday between the major mortgage servicers and their third-party consultants hired to perform reviews of foreclosures that took place over the past two years.
The letters reveal how the consultants will conduct their reviews and approximately how long it will take. According to the Bank of America (BAC: 5.37 -2.19%) engagement letter with Promontory Financial Group, the process must not take more than 423 days from when the engagement letter was signed on Sept. 6.
Promontory will use more than 200 file reviewers working on an assumed 10 hours per file, according to the letter.
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