Four of the largest U.S. mortgage servicers have rectified failures to comply with parts of a $25 billion landmark national mortgage settlement, the watchdog overseeing the process said yesterday, the Wall Street Journal reported today. Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. passed all tests reviewing their compliance with the National Mortgage Settlement during the third and fourth quarters of last year, said the monitor for the settlement, Joseph A. Smith. In December, Smith had released a report saying that Bank of America, J.P. Morgan and Citigroup had each failed at least two of 29 metrics that measure standards over how to provide relief to homeowners under threat of foreclosure. In total, the three banks failed on seven metrics in the first half of 2013. Meanwhile, Wells Fargo was deemed to have failed on one metric tied to its loan modification program in a report released in June of last year. The latest report said that mortgage servicer Ocwen Financial Corp. also fully implemented all the servicing standards for the portion of the portfolio it acquired from Residential Capital LLC, or ResCap.
