The latest compliance report released by the Office of Mortgage Settlement Oversight reveals Green Tree Servicing failed eight of the settlements 29 metrics for mortgage servicing, according to housingwire.com. Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ocwen each passed all 29 metrics. If Green Tree does not quickly improve its practices and comply with the Settlement, its business could take a hit, MHProNews.com understands.

Analysts from Moody’s Investors Service said, “The test results could hamper Green Tree’s ability to grow its business through mortgage servicing rights purchases in the short term and could also give the government-sponsored enterprises pause when approving future transfers of servicing to Green Tree, depending on the success of its corrective action plan.” Mark O’Brien, CEO and Chairman of Walter Investment Management Corp., which owns Green Tree, said, “ We are dedicated to addressing these issues in a timely manner and are confident that the implementation of our corrective action plans will result in a positive outcome during our next review cycle.” Noting that the company could face fines if the problems are not corrected, Moody’s says the other servicers failed some of the settlement’s requirements on prior tests but were able to pass all the metrics in later testing periods.” ##

(Image credit: housingwire.com–mortgage figuring)