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(EMAILWIRE.COM, July 12, 2013 ) Larchmont, NY -- A new report released last week shows that homeowners trying to avoid foreclosure often wait too long to file the application to be reviewed by modification specialists, putting borrowers deeper in financial debt.
While banks are doing better at helping homeowners keep their homes on terms they can afford, at least while they straighten up their financial situation, Joseph A. Smith, the independent monitor of last yearÂ’s national mortgage settlement, says more needs to be done.
SmithÂ’s office conducted 29 performance tests on five of the largest U.S. mortgage servicers last year to find out how they are meeting the new rules to help mortgage borrowers keep their homes. Smith found that banks need to do a better job collecting customer records and notifying borrowers in a more timely manner about decision on their applications,especially if they are missing documents and when they need to be returned to avoid foreclosure before the application can go through.
The Department of Housing and Urban Development secretary, Shaun Donovan, said SmithÂ’s report showed that four out of the five banks consistently failed to send notices and communicate decisions to homeowners in a timely manner, one of the new rules set in place for mortgage companies to protect borrowers.
JPMorgan Chase, Bank of America, and Citigroup each said in their own statements that they have been working diligently to correct problems within their branches that were cited in the report. Others said they were working with Smith and his office to figure out the best way to help borrowers.
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