U.S. Bank has emerged as one of few private mortgage servicers to elect to participate in both mediation mandated by the foreclosure process and mediation requested by Oregon homeowners not yet in foreclosure.
Of the six completed mediation sessions, U.S. Bank participated in two of the sessions. In 2011, the bank reported a $1.5 billion portfolio of residential mortgages in Oregon, Oregon Live reports.
The bank, which does not proceed with many foreclosures in Oregon, said that it would be eligible for a mediation exemption because it carried out fewer than 250 foreclosures in the previous calendar year. While U.S. bank remains one of Oregon’s top residential lenders, fewer than two percent of its loan portfolio is delinquent.
“We see the mediation process as being very effective,” Malia Wasson, the president for U.S. Bank’s Oregon and Southwest Washington division, said, according to Oregon Live. “We get quick answers and conclusions, which is of course what our borrower wants.”
The bank has also proceeded in foreclosures outside of the court system amid uncertainty regarding a July decision by an Oregon appellate court.
“If we let uncertainty keep us from acting, we would not be doing the right thing for our clients and customers,” Wasson said, Oregon Live reports.