Mortgage Lenders Participate in Most Mediations - 8 News NOW

Mortgage Lenders Participate in Most Mediations

Posted: Updated:

LAS VEGAS -- Banks and other beneficiaries that initiated home foreclosures attended Nevada's Foreclosure Mediation Program in 98 percent of the cases that were conducted by mediators in the last half of 2011, according to a report issued today by the program.

Those beneficiaries also had the authority to negotiate with the homeowner 96 percent of the time, negotiated in good faith in 96 percent of the cases, and brought the required documents to 64 percent of the mediations.

Of the 3,183 mediations, beneficiaries failed to appear only 49 times and failed to negotiate in good faith in only 122 instances. A total of 198 beneficiaries were involved.

Among the largest beneficiaries, Wells Fargo, Ally/GMAC and CitiGroup had 99 percent attendance records and Bank of America, JPMorgan Chase and U.S. Bank sent representatives 98 percent of the time.

Among those banks, CitiGroup did the best job of showing up with the required documents, which it did 88 percent of the time. JPMorgan was on the other end of the spectrum, showing up with required documents only 48 percent of the time.

Bank of America was involved in the most mediations by far at 694, followed by the 297 involving Wells Fargo.

If either the lender or homeowner aren't satisfied with the outcome of the mediation, they have the option to petition for judicial review.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.