WASHINGTON — After months of investigation, the federal banking regulators issued Wednesday a final cease and desist order against the 14 largest servicers that will require them to overhaul their operations, including improving loss mitigation efforts and foreclosure proceedings and creating a single point of contact for troubled borrowers.

The order will also require servicers to upgrade technology systems for recordkeeping, payments and fees, ban so-called "dual tracking" of mitigation efforts and foreclosure procedures, force enhanced oversight of third parties and mandate a third party consultants to review recent foreclosure activities.

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