Skip to main content
Skip to footer site map
Ohio Attorney General Mike DeWine
Online Public Inspection File
Back to Search Results
Supplier agrees to the following standards for servicing all residential mortgage loans in Ohio. Supplier shall establish a single point of contact for borrowers once they have submitted a fully completed and executed HAMP loan modification package to Supplier's dedicated e-mail address or fax number. Supplier shall cease all collection calls to a borrower within seven days of receiving a fully executed and completed HAMP loan modification package from a borrower. Supplier shall issue a letter acknowledging receipt of a HAMP loan modification package within ten days of receipt, and shall review the package for completeness within thirty days of receipt and issue a trial period agreement, issue a non-approval notice with a specific reason, or issue a notice of incomplete package giving the borrower an additional 30 days to provide any outstanding items. Borrowers shall have ten days from receipt of a trial period agreement, or other loan modification offer, to sign and return the agreement. If a borrower fails to execute an agreement or other loan modification within ten days of receipt, fails to provide a complete loan modification package, or is otherwise not eligible for a loan modification, Supplier shall be entitled to pursue ordinary course servicing practices. If a borrower's loan has not been previously modified and a modification is denied, the denial shall be presented for review to Risk Management & Internal Audit Department. For owner-occupied properties, once a fully completed loan modification package has been submitted, Supplier shall suspend all ongoing foreclosure proceedings and shall refrain from initiating any new foreclosure proceedings for a period of 90 days. Supplier agrees to only charge default and foreclosure-related fees for services that are actually performed and agrees not to charge any mark ups on third party fees unless it actually performs additional services that provide reasonable value. Supplier agrees that it will not compensate foreclosure counsel based upon the relative speed with which a foreclosure case is concluded and agrees to make a good faith effort to participate in the Rescue Payment Assistance and Partial Mortgage Payment Assistance programs offered by the Ohio Housing Financing Agency's Restoring Stability Program. The above standards are to be sunset three years from the date of the AVC. With regard to the 29 borrowers subject to the January 29, 2009 Settlement Agreement, Supplier agrees to maintain and follow the Qualified Loan Borrowers program. The OAG shall determine which of the borrowers are interested in obtaining a loan modification and remaining in their homes and which are interested in other loss mitigation relief, and shall forward that information, along with completed HAMP packages to Supplier. Supplier shall complete an eligibility assessment for each borrower within ten business days of receipt of the borrowers' packages. Supplier shall provide a response to the OAG and to any borrower who does not qualify for a loan modification that outlines the applicable reason(s) for the denial.
Privacy and Disclaimers
| © 2009 Ohio Attorney General Richard Cordray