Masto announces 4 new procedures for banks to follow to help homeowners

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Updated: 10/02/2013 6:38 pm
CARSON CITY, Nev. (KRNV & -- Nevada Attorney General Catherine Cortez Masto and her colleagues on the National Mortgage Settlement’s Monitoring Committee announced that the nation’s five largest bank mortgage servicers will implement new procedures to improve the process for struggling homeowners.

Joseph A. Smith, Office of Mortgage Settlement Oversight Monitor, released the metrics. The new metrics will:
1.Ensure that the banks provide customers contact information for new single points of contact (SPOC) and that they implement procedures that evaluate and remediate SPOC performance. Compliance testing will starts Jan. 1, 2014.
2.Test the servicers’ monthly billing statements to confirm that accurate, detailed information is provided to borrowers. Compliance testing will starts Jan. 1, 2014.
3.Ensure that the banks do not reject a borrower’s loan modification application or proceed with a foreclosure for at least 30 days while the borrower is responding to requests for additional documents. Compliance testing starts April 1, 2014.
4.For those borrowers whose applications are denied, banks must properly communicate that denial and the loss mitigation alternatives available to the borrower. Compliance testing will starts April 1, 2014.

Homeowners in need of assistance should contact the Home Again: Nevada Homeowner Relief Program, initiated by General Masto, at 1-855-HLP-4-NEV (1-855-457-4638) or Home Again Nevada is a program that makes it easier for Nevadans to determine what state or federal assistance may be available to them with a single “one-stop” free resource.

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