HSBC has met the consumer relief requirements set out under the National Mortgage Settlement, according to the latest report from the settlement's monitor.
The settlement's monitor, Joseph A. Smith Jr., has credited HSBC with $371,075,290 in total consumer relief, in excess of the company's total obligation of $370 million.
In the latest report, Smith approved HSBC's claims of $148.5 million in additional credit stemming from more than 5,500 short sales and deeds-in-lieu that it implemented on or before the end of June and completed by the end of September last year.
The largest share of the consumer relief was through first-lien mortgage modifications, including $214.6 million in principal forgiveness and nearly $8 million in forbearance forgiveness.
While the bank has completed its consumer relief obligations, it will still remain subject to monitoring for its compliance with the servicing standards laid out by the settlement. The bank was required to meet these standards through the end of 2016.
Smith said that additional reports related to his test of HSBC's servicing systems will be made public later this year.
