The Office of Mortgage Settlement Oversight (OSMO) has engaged five companies to serve as secondary professional firms to oversee compliance by the five servicers that are subject to the terms of the National Mortgage Settlement.
BKD LLP, Baker Tilly Virchow Krause LLP, Crowe Horwath LLP, Grant Thornton LLP and McGladrey LLP will work with OSMO for the next 3.5 years to oversee the implementation of the settlement. The five firms will each assist the primary professional firm – BDO Consulting, a division of BDO USA LLP – by conducting the evaluation of one servicer that is party to the settlement.
‘Each secondary professional firm has a high level of expertise that will bring the detailed, independent attention we need to monitor this settlement,’ says Joseph A. Smith Jr. the federal monitor for the settlement. ‘Over the past month, I have worked closely with BDO to select the secondary professional firms, and these firms, working under BDO's leadership, will help to ensure that the banks are reviewed thoroughly and effectively. I am confident that these six accounting firms make up the blend we need to fully implement the settlement.’