The monitor of a $25 billion national mortgage settlement with the five largest mortgage servicers said Tuesday he’s looking into potential violations of the agreement.
At the same time Wells Fargo WFC +1.18% Bank of America BAC -0.52% and J.P. Morgan Chase saJPM +1.38%id they had completed their obligation under the settlement. The monitor, Joseph A. Smith, Jr., must analyze the data submitted by the banks before formally declaring they have fulfilled the terms of the settlement.
Smith said Tuesday he will issue his report on the banks’ compliance in June.
He noted that part of his report will include a review of how the banks complied with servicing standards outlined in the terms of the settlement, which was reached last year between the five companies and 49 states attorneys general.
“I know there are areas in which the banks still have work to do,” Smith said in a statement. “It isimportant to the integrity of this process that these compliance reports are thorough and accurate, and I will release them when I am confident they are complete.”
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