Regulators' mortgage servicing consent orders require big banks to conduct a thorough review of their foreclosures. On Friday they were told what "thorough" means.

In a four-hour meeting with bank representatives, officials from the Office of the Comptroller of the Currency (OCC) prescribed a more extensive process than the review of a few hundred loans that the bankers originally hoped for.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.