Regulators said Wednesday they are extending the deadline for borrowers to request an independent foreclosure review under the consent orders signed by 14 mortgage servicers last April.
The Office of the Comptroller of the Currency (OCC), and the Federal Reserve Board have extended the deadline 90 days, to July 31 from April 30, to allow borrowers to request a review if they believe they may have suffered financial harm as a result of foreclosure errors in 2009 or 2010.
"The deadline extension provides more time to increase awareness of how eligible people may request a review through the independent foreclosure review process and to encourage the broadest participation possible," the regulators said in a joint press release.
During this time, the agencies and servicers plan to conduct additional outreach efforts to increase awareness of the review process, according to an OCC spokesman.
The consent orders required the 14 top mortgage servicers to hire independent consultants to review foreclosure activity in 2009 and 2010, identify borrowers who may have been harmed, and recommend some remediation if necessary.
Borrowers are eligible to request a review if their loan was serviced by one of the 14 servicers, was active in the foreclosure process between Jan.1, 2009, and Dec. 31, 2010, and the property securing the loan was their primary residence.