Independent Foreclosure Review Payments Exceed $2.5 Billion
WASHINGTON – July 12, 2013 – (RealEstateRama) — Nearly 2.9 million checks, totaling more than $2.5 billion, related to the Independent Foreclosure Review (IFR) Payment Agreement have been cashed or deposited through July 11, 2013.
More than 3.9 million checks, worth more than $3.4 billion, have been sent to eligible borrowers, since payments began on April 12. The remaining checks will be issued this summer.
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.
Federal regulators also released a report today showing the volume and value of checks issued and paid (cashed or deposited) by state as of May 31, 2013. The data represent the mailing addresses of the recipient and not necessarily the addresses of the eligible property.
Notice to Financial Institutions
Institutions processing checks are reminded that checks require positive identification. Financial institutions should follow the instructions on the back of the check to validate authenticity.
Borrowers with questions regarding payments should contact the 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 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.