Mortgage firms including Bank of America Corp. that repeatedly ignored rules meant to improve service for struggling homeowners said they are on the verge of complying with standards ordered in a $25 billion settlement, Bloomberg News reported today. After failing to adhere to at least two separate sets of servicing guidelines since 2010, lenders are preparing for more than 300 rules that take effect next month on loan modifications, fees, foreclosures, and the treatment of military personnel. For the first time, banks face a watchdog dedicated to keeping them honest, Joseph A. Smith, North Carolina’s former commissioner of banks. Bank of America, JPMorgan Chase & Co, Wells Fargo & Co. and Ally Financial Inc. representatives have said they will conform to the new standards by Oct. 2.
