Banks Suggest Changes to Mortgage Servicing

Banks Suggest Changes to Mortgage Servicing

Five of the country’s largest banks have sent government officials a proposal of new mortgage-servicing standards they’d agree to as part of a settlement into lending abuses.

The proposal--called the “Draft Alternative Uniform Servicing Standards”--includes timelines for processing loan modifications, third-party review of foreclosures, and a single point of contact for borrowers who are struggling with their mortgages, The Wall Street Journal reports. The draft document also includes a “borrower portal,” which would allow customers to check the status of their loan modifications online.

See the source story from the Wall Street Journal >>