Force of nature mods2/24/2023 “It’s a needed reality check for me,” Smith said of the road show, which will continue next year with stops in Chicago and Florida. What he is hearing is that borrowers are still being denied loan modifications with no explanation, that principal reductions are few and far between, and that servicers are still engaging in the now-barred practice of dual tracking, whereby a home moves to foreclosure even as the borrower is simultaneously pursuing a loan modification. Smith has met with housing counselors in Oakland, Calif., toured homes in Watts in Los Angeles, and had lunch in Las Vegas with Nevada’s Attorney General Catherine Cortez Masto. Smith, the former North Carolina banking commissioner who now heads the Office of Mortgage Settlement Oversight, has been touring the West Coast to gauge the servicers’ progress by speaking with the folks “on the ground.” The chief monitor of the $25 billion national settlement with the nation’s five largest mortgage servicers is getting an earful from homeowners and housing counselors about the slow pace of loan modifications and frustration at not having a single point of contact. Mortgage Monitor Gets an Earful from Borrowers Over Pace of Loan Mods
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