Financial Institution Letters
|Supervisory Insights Journal
Special Foreclosure Edition Now Available
May 4, 2011
FIL-31-2011 - PDF (PDF Help)
This Special Foreclosure Edition of Supervisory Insights discusses an issue of critical interest to examiners, bankers, and supervisors: the lessons learned from an interagency review of foreclosure practices at the 14 largest residential mortgage servicers, and examples of effective mortgage servicing practices derived from these lessons. The publication is available at http://www.fdic.gov/regulations/examinations/supervisory/insights/sise11/index.html
Statement of Applicability to Institutions with Total Assets under $1 billion: This article should be of interest and practical use to banks involved in residential mortgage servicing, but it is not supervisory guidance.
"Regulatory Actions Related to Foreclosure Activities by Large Servicers and Practical Implications for Community Banks" describes the findings of the recently issued Interagency Review of Foreclosure Policies and Practices and provides practical examples of best practices derived from the lessons learned. These best practices will be helpful to any residential mortgage servicer in reviewing its practices and policies to ensure legal and reputation risk are minimized.
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Chief Executive Officer
Real Estate Lending Policies
Managing Third-Party Risk
Loss Mitigation Strategies
Servicemembers Civil Relief Act
Kim E. Lowry, Managing Editor, at
email@example.com or 202-898-6635
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2011/index.html.
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Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).