The Office of the Comptroller of the Currency (OCC) has issued an order preventing Denver-based Allonhill from reviewing files related to the Independent Foreclosure Review. However, the company has fired back at the regulator, claiming that its order was wholly without merit.
In a statement issued by the OCC, the agency claims that it took this action ‘after Allonhill reported work for third parties that the OCC determined to be inconsistent with the independence requirements for independent consultants, prescribed by the OCC. The work at issue involved prior review for third parties of loans that are part of the same pool of loans that Allonhill was reviewing as part of the Independent Foreclosure Review.Â Â
‘The decision does not reflect on the quality of work performed to date by Allonhill,’ the OCC adds, ‘but is necessary to ensure the independence of the loan review process going forward.’
Sue Allon, founder and CEO of Allonhill, disputes the OCC's statement of concern.
‘At Allonhill, we have always been committed to the highest levels of integrity and transparency,’ she says. ‘While we have the utmost regard for the objectives of the Independent Foreclosure Review process and its positive impact on the mortgage industry, we are profoundly disappointed by the OCC's decision. We look forward to continuing to provide the highest quality of services to our clients and helping this country recover from the mortgage crisis.’