Oversight of the four largest mortgage servicers' compliance with the national mortgage settlement is officially over, according to the watchdog overseeing the process, NationalMortgageNews.com reported yesterday. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo met all requirements of the settlement's servicing standards at the end of the third quarter, said Joseph A. Smith, the settlement's monitor. Smith filed his final compliance reports yesterday with the U.S. District Court for the District of Columbia for the four banks, officially marking the sunset of rules for the $25 billion settlement. The servicers signed the settlement in March 2012 with federal regulators and 49 state attorneys general after the discovery of widespread "robo-signing" of foreclosure documents.
