BKD selected to work national mortgage settlement

Springfield-based certified public accounting firm BKD LLP has been chosen to assist with the $25 billion multistate settlement with five of the nation's largest mortgage companies.

The firm's National Financial Services Group will work with the Office of Mortgage Settlement Oversight on the 49-state settlement, which was reached after allegations that Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Ally Financial engaged in foreclosure abuses, unfair mortgage servicing practices and fraud, according to an Aug. 9 news release.

The BKD National Financial Services Group provides consulting services including regulatory compliance, loan review, internal auditing and U.S. Securities & Exchange Commission reporting. For the settlement process, BKD will periodically perform on-site or remote reviews of its designated mortgage loan servicer, including testing for proper documentation of foreclosures, loan mitigation offers and proper loan modification application evaluation.

“Our advisers will work closely with the team assembled to complete this important work," said Don Hutson, national industry partner for BKD National Financial Services Group, in the release.

Through the settlement, Missouri and its taxpayers are expected to receive more than $196 million, according to Springfield Business Journal archives.[[In-content Ad]]