Remember a few months ago when we reported that foreclosed and pre-foreclosed mortgage would be receiving mortgage servicing surveys as ordered by the OCC? Independent consultants hired to review loans as part of federal consent orders signed with 14 mortgage servicers in April 2011 are encountering low participation rates from foreclosed borrowers.
The OCC mandated the audits to discover improprieties that could warrant compensation for affected consumers. However, the response rate has been far less than the 25 percent anticipated return rate.
OCC-Ordered Mortgage Servicing Survey- Frustrated With The System
Not to sound too sarcastic but could it be that current and foreclosed homeowners don’t trust the banks or the audit system or perhaps they simply don’t wish to continue dialogue with agencies and intuitions that they have been frustrated with in the past.
If anyone has completed their survey and would like to share your response and outcome then please feel free to contact us.