The Office of Mortgage Settlement Oversight Appoints McGladrey LLP to Ensure National Mortgage Settlement Compliance
CHICAGO, IL – The Office of Mortgage Settlement Oversight recently announced the appointment of McGladrey LLP, a leading provider of assurance, tax and consulting services, as one of five professional services firms that will monitor and ensure compliance to provisions of the national mortgage settlement by the nation’s five largest banks.
As an appointed firm, McGladrey will be responsible for providing support to Joseph A. Smith, Jr. (former North Carolina Commissioner of Banks), Monitor of the national mortgage settlement, over a three-and-a-half-year period as he and his teams oversee the implementation of and compliance with the settlement, which involves 49 states and the United States government, in addition to the banks. The national mortgage settlement created new servicing practices that will require better communications with borrowers, provide financial relief to distressed home borrowers, and provide funding for state and federal governments.
"I am confident in the expertise and independence McGladrey brings to monitoring this settlement and am pleased to have them on our team," said Smith.
"McGladrey has extensive experience monitoring agreements between Quasi Government Agencies and large lending institutions," said Michael Sher, a McGladrey partner based out of the firm’s Chicago headquarters office. "We are currently monitoring compliance of more than a million assets under these contracts and we are looking forward to leveraging our deep understanding of both these agreements and of financial institutions in general to ensure compliance with every aspect of this significant settlement."
A significant number of McGladrey professionals from all of its 75 offices nationwide will work on the national mortgage settlement project, under the direction of Sher.
About the Office of Mortgage Settlement Oversight
More information about the mortgage settlement is available online on the Office of Mortgage Settlement Oversight website.
McGladrey LLP is the fifth largest U.S. provider of assurance, tax and consulting services, with more than 6,500 professionals and associates in 75 offices nationwide. McGladrey is a licensed CPA firm, and is a member of RSM International, the sixth largest global network of independent accounting, tax and consulting firms. For more information join our Facebook fan page at McGladrey News, follow us on Twitter @McGladrey and/or connect with us on LinkedIn.