Does this consent order issued by the OCC mean that all future foreclosures have to verified by an independent third party?http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-47.htmlhttp://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-47e.pdf
Hello and thank you for allowing me the opportunity to assist you.No, that consent order does not state that future foreclosures must be verified by an independent third party. It does state that past foreclosures for 2009 and 2010 will be reviewed by a third party to be sure that the bank complied with the law. The consent order also states that the bank must have certain policies in place regarding the use of third parties for future foreclosures. As a practical matter, the bank does use third parties for all foreclosures simply because it has no choice. For example, the bank must hire attorneys to handle the foreclosures. The attorneys are not bank employees, but outside firms.If you would like any additional information or need clarification, please do not hesitate to ask! Also, I strive to be as helpful as possible so that you are satisfied. Accordingly, please remember to give me positive feedback (doing so does not end our discussion). If you feel the need to rate me poorly, please stop and instead of rating me, reply via the REPLY or CONTINUE CONVERSATION button with the issue that you have. I will be happy to continue our discussion and do everything that I can to provide you with the service that you seek.Thank you.
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