Regulators have extended the deadline for the top 14 mortgage servicers to submit actions plans required under consent orders issued in April.
In a press release Monday, the OCC said it agreed to extend the deadline for eight national bank mortgage servicers at the request of the Justice Department, "and to allow coordination of actions with other agencies at the state and federal level." The 50 state attorneys general and several federal agencies are continuing to negotiate a separate settlement with the 5 largest mortgage servicers.
The Office of Thrift Supervision said it would extend the deadlines for the thrift servicers it regulates, and a spokeswoman for the Federal Reserve Board confirmed it has also extended the deadlines.
The orders, issued April 13, required servicers to overhaul their operations, improve loss mitigation efforts and foreclosure proceedings and create a single point of contact for troubled borrowers, among other improvements.
The extension would give the banks an additional 30 days to submit plans, programs, policies, and procedures and foreclosure review engagement letters. The banks had 60 days to complete the plans, which were originally due today.