For the printable release, please click  here.

For Immediate Release: Dec. 17, 2016

Contact: Hannah Harrill 919-508-7821

NMS Monitor: No Banks Fail Metrics Tests Joseph Smith discovers no fails, releases first report on SunTrust compliance

RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement (NMS), today reported that he and his professionals uncovered no failed metrics by servicers party to the Settlement in the first half of 2015.

Smith’s report, titled Update on Compliance, is a summary of six reports he filed with the United States District Court for the District of Columbia. This summary includes results for Bank of America, Chase, Citi, Ditech, SunTrust and Wells Fargo from the Monitor’s testing of compliance with the NMS mortgage servicing rules during the first and second quarters of 2015.

“My tests show that servicers are adhering to the NMS’s servicing rules, which aim to give borrowers better experiences,” Smith said. “Among six servicers and over six months, my professionals and I uncovered no fails.”

Update on Compliance does not include results for Ocwen. Smith’s most recent report on Ocwen can be found here.

“My team is still reviewing Ocwen’s compliance testing results for the first half of 2015. I will report my findings to the Court and to the public as soon as I am confident they are complete,” Smith said.

Update on Compliance is the first report on SunTrust, the fourth report on Ditech and the sixth on Bank of Update on Compliance is the first report on SunTrust, the fourth report on Ditech and the sixth on Bank of America, Chase, Citi and Wells Fargo. Past reports can be found on Smith’s website, www.mortgageoversight.com.

About the Office of Mortgage Settlement Oversight

More information about the National Mortgage Settlement and the Ocwen National Servicing Settlement is available at www.nationalmortgagesettlement.com. Further information about Joseph Smith and the Office of Mortgage Settlement Oversight is available at www.mortgageoversight.com.

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