A national mortgage settlement was reached and made binding in 2012 to create new servicing standards, provide loan modification relief to distressed homeowners, and provide funding for state and federal governments. The settlement involved 49 states, the federal government, and specific mortgage servicers. The servicers are providing $25 billion in consumer relief and have agreed to timely third-party oversight of selected mortgage servicing activities. Settlement participants agreed to the appointment of attorney Joseph A. Smith, Jr. as the Monitor who is overseeing the agreement. Smith created the Office of Mortgage Settlement Oversight (OMSO) to facilitate his work. To carry out its responsibilities, OMSO needed the support of several third-party professional services firms.
Based on our industry expertise and service approach, Baker Tilly was selected in 2012 as one of just five secondary firms to assist OMSO. Currently our specialized team with deep mortgage banking, loan servicing, and audit experience is performing agreed upon procedures to validate the settlement compliance of one mortgage servicer.
The Monitor has published regular settlement oversight reports on consumer relief and compliance progress to keep the public informed. Baker Tilly has provided valuable input to Mr. Smith throughout its role in this program.
"Baker Tilly Virchow Krause embodies the expertise and independence we need in monitoring this settlement. I am pleased to have them on our team."– Joseph A. Smith
Monitor of the national mortgage settlement