Mortgage Settlement Monitor Focuses on Military

The Monitor in charge of managing the $25 billion settlement between mortgage servicing companies and federal agencies working in conjunction with 49 of the 50 state attorneys general said he will be paying extra attention to military-specific outreach.  In an announcement times t coincide with Veterans Day, Joseph A. Smith, Jr., said he wants to encourage service members and their advocates to report complaints about servicers using online forms to better inform the settlement's oversight. 

"Veterans Day is a reminder to honor the service members who have and continue to dedicate their lives to protecting this country," said Smith. "The national mortgage settlement has particular provisions specific to service members, and we want to make sure they're aware of them. I also want to know if any of our nation's veterans are experiencing wrongful treatment from their mortgage servicer, as it will help me better oversee the settlement and ensure they find appropriate counsel for their issue."

Smith will use the information gathered from these complaints to investigate any notable trends in servicing complaints as banks move forward with implementing the agreement.  

"It is my responsibility to help make this settlement meaningful for borrowers," Smith said. "That obligation is especially important for the men and women who serve in our military. I hope that this information will be helpful to them, and they will let me know if they do not see improvements."

To collect mortgage servicing complaints, Smith has two online forms specific to military personnel and their advocates:

For service members: mortgageoversight.com/service  

For professionals who advocate for service members: mortgageoversight.com/military

The website also has fact sheets specific to service members and service member advocates to explain parts of the national mortgage settlement particular to military personnel.