CRC National Mortgage Settlement Foreclosure Survey February 2013

CRC continues to push for changes in public policy and industry practices based on input from housing counselors and legal service offices on the front lines of the foreclosure crisis. We greatly value your efforts, experience and opinions and want them to inform the public debate on foreclosure prevention.

This survey will focus on questions relating to compliance by the Big 5 Banks with the National Mortgage Settlement (NMS) signed a year ago. Note that we are asking identical questions of you regarding your experiences with each of the 5 Banks that signed the NMS.

The questions that follow those are broader and concern all loan servicers. Such questions include a number that touch on important civil rights issues, and we urge you to answer those questions with all of your client and servicer experiences in mind.

Please take 20 minutes and complete this survey by Friday, February 22nd.

Your responses to these surveys are important due to the lack of publicly available data on servicing practices and the challenges that presents to providing accountability for bad practices. CRC will use the results of the survey when we head to Washington DC in early 2013 to talk to policy makers and regulators, and as we continue to engage with financial institutions, including at bank shareholder meetings, in the coming months.

Thanks for your help illuminating the problems and framing the issues so that we can work to improve bank practices and stop unnecessary foreclosures.

Question Title

* 1. Bank of America: How common are the following issues with Bank of America/Countrywide loan servicing?

  Always Almost always Sometimes Rarely Never/NA
I have clients w/ this bank
Loan modifications
Loan mods with principal reduction
Short sales
Homeowner pressured by bank to do short sales where loan mod seems possible
Homeowner offered incentives by bank to do short sales where loan mod seems possible
Homeowner not told if and when loan modification application is complete, even after submitting all docs requested
Homeowner files are transferred to another servicer after complete loan mod app submitted
Homeowner files transferred to another servicer after trial or final mod offered
Homeowner assigned a Single Point of Contact (SPOC)
SPOC is accessible, consistent, understands relevant program rules
Bank acknowledges receipt of loan mod app in writing w/in 3 business days
Notifies homeowner of missing docs w/in 5 business days
Gives homeowner 30 days to respond to request for additional docs
Makes loan mod decision within 30 days of complete loan mod application
Loses documents submitted
Denies loan mods to seemingly qualified homeowners
Denies loan mods without providing understandable explanation