Magazine article Mortgage Banking

Ocwen and SunTrust Report on Relief Provided under Attorney General Settlement

Magazine article Mortgage Banking

Ocwen and SunTrust Report on Relief Provided under Attorney General Settlement

Article excerpt

On April 7, the Office of Mortgage Settlement Oversight released the consumer-relief numbers submitted by Ocwen and SunTrust Bank through the fourth quarter of 2014 as required under the National Mortgage Settlement (NMS).

According to a press release issued by the Office of Mortgage Settlement Oversight, SunTrust provided some type of relief under the terms of the servicing settlement to 6,139 borrowers. The data is self-reported for both servicers and will be subject to confirmation by the monitor. The individual parties to the large servicing settlement were given total dollar amounts of consumer relief they are required to meet.

SunTrust said that 49 borrowers had received first-lien modification forgiveness, totaling roughly $6 million through the fourth quarter of last year. That amounts to roughly $123,602 per borrower, on average.

SunTrust also reported that more than 3,000 borrowers received new loans. These borrowers were either first-time homebuyers, lived in hardest-hit markets or previously lost a home to foreclosure or short sale, according to the monitor's office.

Commenting on SunTrust's numbers, National Mortgage Settlement Monitor Joseph A. Smith Jr. said, "This is SunTrust's first report on its progress toward fulfilling its $500 million obligation under the National Mortgage Settlement. …

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