California Monitor was part of California Consumer Protection
We assist in implementing the Settlement by talking with mortgage companies about their policies and talking with homeowners about their experiences.
We are a team of law professors, attorneys, dedicated staff, and law students working for Californians.
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It is National Consumer Protection Week, a week when consumer protection agencies and organizations across the country make extra efforts to promote awareness about consumer rights. In light of this, the California Monitor Program reminds California homeowners that we are ready and willing to help. Click here to learn more about how to submit a complaint or question to the California Monitor Program. Our website also offers extensive information about the Settlement and Settlement modification programs.
Bank of America Agrees to New Loan Servicing Policies
Bank of America has agreed to the following five servicing policies for consumers nationwide:
• Bank of America has agreed to revise its “missing document” letter which will more clearly state what documents are missing and what additional information is needed to move forward with a loan modification request.
• Bank of America is further facilitating the ability of consumers and/or their advocates to interact with Bank of America staff regarding loan modification requests.
• Going forward, Bank of America will assign an underwriter upon identifying a loan modification application that appears to entail complex or challenging underwriting.
• Going forward, where contractually permitted and reasonably practicable, Bank of America will exclude loans belonging to consumers who are in the process of negotiating a loan modification from the sale of mortgage servicing rights.
• Bank of America will not proceed to foreclosure sale on any homeowner who has identified a legitimate change in financial circumstances and who wishes to reapply for a loan modification, even if that borrower’s application was previously rejected.
