Office of Mortgage Settlement Oversight
Banking - Raleigh, North Carolina, United States
Office of Mortgage Settlement Oversight Employees
Office of Mortgage Settlement Oversight Details
The Office of Mortgage Settlement Oversight, Inc. (OMSO), a not-for-profit corporation, was formed by Joseph A. Smith, Jr. to help him transparently and independently carry out the duties he was given under the National Mortgage Settlement (NMS). The NMS is an agreement between the attorneys general of 49 states and the District of Columbia , the federal government, and five banks and mortgage servicers (Bank of America, Citi, JPMorgan Chase, ResCap properties and Wells Fargo) that creates new servicing standards, provides loan modification relief to distressed homeowners and provides funding for state and federal governments. OMSO assists the Monitor with functions related to the business of being the Monitor, as he partners with consultants and professional firms to assist in his enforcement of the banks' consumer relief requirements and servicing standards as outlined in the NMS. Incorporated on February 6, 2012, OMSO operates as a noncharitable tax-exempt organization.
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