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A&B ABstract:
On December 7, the Department of Justice U.S. Trustee Program (“USTP”) announced that it has entered into agreements with three servicers to address mortgage servicing deficiencies impacting borrowers in bankruptcy.
Issues
Addressing allegations that the entities failed to comply with the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure, the agreements reflect issues with the servicing of mortgages for more than 60,000 borrowers in bankruptcy dating back to 2011.
According to the USTP, the issues included application of payments, inaccurate, missing, and untimely bankruptcy filings; and delayed escrow statements.  Specifically, the USTP alleges that:
Two of the servicers failed to run annual escrow analyses for borrowers in bankruptcy;

Related Keywords

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