WASHINGTON, DC ? April 19, 2013 ? (RealEstateRama) ? The second wave of 1.4 million checks totaling $1.2 billion was sent today to borrowers eligible for payments under the Independent Foreclosure Review Payment Agreement, bringing the total number of checks sent to date to 2.8 million worth $2.4 billion.
As of the close of business Thursday (April 18), 434,484 checks totaling nearly $419 million were cashed or deposited.
The payments result from agreements between the Office of the Comptroller of the Currency, the Federal Reserve Board, and 13 servicers to provide $3.6 billion in payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.
The first wave of checks was sent April 12. More than 90 percent of the total 4.2 million checks totaling $3.6 billion will be sent by the end of April. The remaining checks that require additional borrower information will be sent in mid-summer.
Notice to Financial Institutions
Institutions processing checks are reminded that to help prevent fraud, checks require positive identification. Banks and other financial institutions should follow the instructions provided on the back of the check to validate authenticity.
Borrowers Assistance
Borrowers with questions regarding payments should contact the Paying Agent?Rust Consulting, Inc. at 1-888-952-9105, Monday through Friday, 8 a.m. ? 10 p.m. ET or Saturday, 8 a.m. ? 5 p.m. ET.
Regulators have issued guidance to the servicers under foreclosure-related enforcement actions directing a review before foreclosure sales for all pending foreclosures. These reviews help prevent avoidable foreclosures by ensuring foreclosure-prevention alternatives are considered and foreclosure standards are met. Regulators encourage borrowers needing foreclosure prevention assistance to work directly with their servicer or contact the Homeowner?s HOPE Hotline at 888-995-HOPE (4673) (or at www.makinghomeaffordable.gov) to be put in touch with a U.S. Department of Housing and Urban Development-approved nonprofit organization that can provide free assistance.
Contact:
Bryan Hubbard
(202) 649-6870
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- Independent Foreclosure Review Agreement Payments Underway
WASHINGTON, DC - April 17, 2013 - (RealEstateRama) -- Nearly 50,000 checks totaling nearly $50 million relating to the Independent Foreclosure Review Payments have been cashed or deposited as of close of business on Monday (April 15), according to officials at the Office of the Comptroller of the Currency. Independent Foreclosure Review Agreement Payments...
- Amendments to Consent Orders Memorialize $9.3 Billion Foreclosure Agreement
WASHINGTON, DC - February 28, 2013 - (RealEstateRama) -- The Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board today released amendments to their enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The amendments require the servicers to provide $9.3 billion in payments and other assistance to borrowers....
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