An update sent to the monitor of the national mortgage settlement, Joseph A. Smith Jr., by the five banks that participate in the agreement showing they dispersed $51.33 billion in
As of June 30, a total of 643,726 borrowers received some type of relief averaging at about $79,742 per borrower. This total includes both completed relief and active first-lien trial modifications.
Data from this fifth and final settlement progress report based on self-reported data from the banks to the participating states and the monitor “will not be credited under the settlement,” Smith said, until following a formal request from each bank he confirms their work.
To date only the ResCap (formerly GMAC) has received credit, he said.
Starting in May when Bank of America and Chase declared they had completed their obligations, Smith said he is reviewing their 2013 activity data and expects to determine whether they satisfied their obligations by the end of the year.
The monitor is also reviewing consumer relief progress through the end of 2012 for the four banks that have not yet been credited and plans to release findings in mid-September.
Both the amount of relief and the number of borrowers assisted increased steadily over the past year in an effort to reach their total consumer relief obligations.
The monitor and his team are also reviewing whether participating banks have been in compliance with the settlement’s servicing standards andplans to submit his second servicing report in November or December.
