Green Tree fails key compliance tests

Miss the mark on several key Office of Mortgage Settlement Oversight metrics

Mortgage services Green Tree has failed to meet one-quarter of compliance tests dating back to the fourth quarter of 2013, in metrics that assesses how it treats struggling borrowers. Green Tree, which is a subsidiary of Walter Investment Management Corp, had acquired mortgage servicing rights from a unit of Ally Financial Inc.. Green Tree’s involvement in the testing pre-dates their association with Ally, as Ally had entered a joint states-federal settlement that subjected it to the tests.

The company failed eight of 29 tests to determine how it is complying with the servicing standards, according to a report released by the Office of Mortgage Settlement Oversight. According to the Chicago Tribune, the failed tests included proving that loans were delinquent when foreclosure proceedings were begun against borrowers, whether borrowers received proper, timely and accurate information about their loans, errors mistakes made in papers filed with bankruptcy court and whether the company responded to customer complaints within specific time frames.

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Alexis Harrison

Alexis Harrison is a Connecticut-based writer and public relations professional whose career spans both print journalism and broadcast news. Alexis started her professional life as...

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