On Monday, the OCC announced it was giving banks an additional 30 days to file “action plans” for how they will comply with new foreclosure requirements laid out in the OCC’s April 13 consent orders to allow for the coordination of actions with other agencies at the state and federal level.
Recently, several servicers under OCC's jurisdiction have agreed to submit, in a matter of days, action plans that are supposed to contain complete explanations of all the steps that will be taken, including efforts to strengthen foreclosure and foreclosure prevention controls and procedures.
The plans are intended to clarify and improve the roles of mortgage servicers while helping homeowners.
"In this regard, we urge you to consider the servicing standards proposed by the state attorneys general, and to incorporate appropriate provisions of introduced legislation that will support the work that must be done to improve the foreclosure process and help homeowners avoid foreclosure, they wrote.
"Taken together, these policies would be a better basis for a more fair and equitable system going forward."
Sens. Jack ReedJack ReedA guide to the committees: Senate Cruz: Supreme Court 'likely' to uphold Trump order Schumer: Trump should see 'handwriting on the wall,' drop order MORE (D-R.I.), Richard BlumenthalRichard BlumenthalPoll: Senate should confirm Gorsuch A guide to the committees: Senate Senate Dems ask DHS inspector general for probe of Trump’s business arrangement MORE (D-Conn.), Banking Committee Chairman Tim JohnsonTim JohnsonCourt ruling could be game changer for Dems in Nevada Bank lobbyists counting down to Shelby’s exit Former GOP senator endorses Clinton after Orlando shooting MORE (D-S.D.), Judiciary Committee Chairman Patrick LeahyPatrick LeahyDem senator asks for 'top to bottom' review of Syria policy A guide to the committees: Senate Verizon angling to lower price of Yahoo purchase: report MORE (D-Vt.), Sheldon WhitehouseSheldon WhitehouseA guide to the committees: Senate Pruitt confirmation sets stage for Trump EPA assault Senate Dems ask DHS inspector general for probe of Trump’s business arrangement MORE (D-R.I.), Bob MenendezRobert MenendezSteve Mnuchin, foreclosure king, now runs your US Treasury Senate Dems move to nix Trump's deportation order Senators to Trump: We support additional Iran sanctions MORE (D-N.J.), Daniel Akaka (D-Hawaii), Chuck SchumerCharles SchumerDean: Schumer's endorsement 'kiss of death' for Ellison How the candidates for DNC chair stack up ahead of Saturday's vote DNC candidate Harrison drops out, backs Perez for chairman MORE (D-N.Y.), Sherrod BrownSherrod BrownSanders, not Trump, is the real working-class hero A guide to the committees: Senate House bill would prevent Trump from lifting Russian sanctions MORE (D-Ohio), Dick DurbinDick DurbinDems rip Trump administration for revoking Obama's transgender directive A guide to the committees: Senate McConnell: I’m very sympathetic to 'Dreamers' MORE (D-Ill.), Al FrankenAl FrankenEducation's DeVos, unions need to find way to bridge divide and work together DeVos: 'My job isn’t to win a popularity contest with the media' Kentucky Dem lawmaker questions Trump's mental health MORE (D-Minn.), and Jeff MerkleyJeff MerkleyPoll: Senate should confirm Gorsuch A guide to the committees: Senate Senate advances Trump's Commerce pick MORE (D-Ore.) wrote that "a persistently weak housing market represents one of the greatest threats to a sustained and lasting economic recovery."
"We are at a critical moment to achieve a better sense of stability and confidence in the administration and processing of our nation’s mortgages," the senators wrote. "In short, your efforts are needed to help lay a foundation for our housing markets to firmly recover."