Independent Foreclosure Review Remediation Guidance and Extension

On June 21, the OCC and the Fed released guidance to determine the compensation or other remedy that borrowers will receive for financial injury identified during the independent foreclosure review required by consent orders issued in April 2011 to correct deficient mortgage servicing and foreclosure processes. The agencies also announced a two-month extension to September 30 of the deadline for eligible borrowers to request a free review of their mortgage foreclosures under the independent foreclosure review. The OCC also released its second interim report on the status of the independent foreclosure review. Fed Release.  OCC Status Report Release.