OTS Takes Action on Aurora Bank, EverBank, OneWest and Sovereign Bank

OTS Takes Action on Aurora Bank, EverBank, OneWest and Sovereign Bank

By Daniel Edstrom
DTC Systems, Inc.

The Office of Thrift Supervision is in on the action as well.  Here is their press release from April 13, 2011:

Press Releases
April 13, 2011
OTS 11-008 – OTS Takes Action to Correct Foreclosure Deficiencies
FOR RELEASE:
Wednesday, April 13, 2010

CONTACT:
William Ruberry
(202) 906-6677
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Washington, D.C. — The Office of Thrift Supervision (OTS) has taken enforcement actions against four OTS-regulated mortgage loan servicers for critical weaknesses in processing home foreclosures, the OTS announced today.

After an interagency review of foreclosure policies and procedures at 14 nationwide mortgage servicers, the OTS issued enforcement orders against the four servicers supervised by the agency: Aurora Bank, EverBank, OneWest Bank and Sovereign Bank.  The orders require swift and comprehensive action to remedy the widespread and significant deficiencies identified by the review.

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MERS CEASE AND DESIST FOR CERTAIN DEFICIENCIES AND UNSAFE OR UNSOUND PRACTICES!!!

MERS CEASE AND DESIST FOR CERTAIN DEFICIENCIES AND UNSAFE OR UNSOUND PRACTICES!!!

By Daniel Edstrom and Jim Macklin
DTC Systems, Inc. and Secure Document Research

On April 13, 2011 the Department of the Treasury, Comptroller of the Currency, Board of Governers of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision and the Federal Housing Finance Agency have issued a consent order stating that these agencies have identified

“certain deficienies and unsafe or unsound practices by MERS and MERSCORP that present financial, operational, compliance, legal and reputational risks to MERS and MERSCORP that present financial, operational, complaince, legal and reputational risks to MERSCORP and MERS, and to the participating Members.”

OCC No. AA-EC-11-20

Board of Governers Docket Nos. 11-051-B-SC-1, 11-051-B-SC-2

FDIC-11-194b

OTS No. 11-040

FHFA No. EAP-11-01

Read the full 31 page Consent Order here: http://dtc-systems.net/wp-content/uploads/2011/04/MERS_Cease_and_Desist_2011_04_13.pdf