WASHINGTON — Federal agencies are set to establish sweeping new servicing standards not by legislation or regulatory process, but by a major action against the top five mortgage servicers.

The state attorneys general and several federal government agencies sent a 27-page term sheet last week to the servicers outlining their demands, including pressuring them to offer principal reductions while revamping foreclosure proceedings, borrower records and technology processes.

Register or login for access to this item and much more

All Bank Investment Consultant content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access