A new set of reports from Joseph A. Smith, Jr., the Monitor of the National Mortgage Settlement, shows that the nation's largest mortgage servicers are in compliance with the 29 original metrics of the NMS servicing rules. The report also contains the first test results for Green Tree and shows they failed eight metrics.
Following the issuance of these reports, HUD Secretary Shaun Donovan released the following statement:
"Today's report from the Independent Monitor is another sign that the National Mortgage Settlement's compliance structure is providing American consumers with better service and unprecedented protections. While the compliance process is on-going, the landmark action taken by the Obama Administration and 49 state Attorneys General has already provided American homeowners with $50 billion in relief and reformed the servicing industry so that it is more accountable to consumers.
"I look forward to the Monitor's next report which tests the banks on four new metrics issued in October. These will help the Monitor measure and ensure that the banks are doing a better job sending notices and communicating with struggling homeowners in a timely manner."