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Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was distributed to more than 3.6 million qualified debtors, representing more than 90 percent of the overall amount offered for circulation.
Checks connected to OCC-regulated banks covered by the IFR Payment Agreement expired December 31, 2016. No additional checks will be provided.
In June 2016, the Office of the Comptroller of the Currency (OCC) escheated roughly $270 million to state authorities, in connection with the agency-supervised payments under the Independent Foreclosure Review (IFR) Payment Agreement. The OCC expects to escheat an additional $4 million to state authorities by February 2017 to finish the IFR Payment Agreement program. Eligible borrowers and their successors may claim unclaimed funds obligated to them through their states' escheatment processes. Each state has different timelines, however it may be six months or more after the funds are escheated to the states before the respective state is able to supply payments under their unclaimed residential or commercial property processes. There is no time at all limitation within which eligible individuals need to request funds under the states' unclaimed funds processes.
Foreclosure Prevention Assistance
Regulators motivate customers requiring foreclosure prevention help to work directly with their servicer or get in touch with the Homeowner's HOPE Hotline at 888-995-HOPE (4673) (or at Making Home Affordable) to be put in touch with a U.S. Department of Housing and Urban Development authorized not-for-profit company that can provide free support.
In This Section
OCC Terminates Foreclosure-Related Consent Orders
Federal Bank Regulators Fine Document Processor $65 Million
EverBank Payment Agreement
Related Reports
Other Related Documents
En Español
OCC Terminates Foreclosure-Related Consent Orders
Following the confirmation of restorative actions, the OCC has actually ended foreclosure-related consent orders versus the following banks.
Termination Order for Bank of America, N.A. (PDF) (June 17, 2015).
Termination Order for Citibank, N.A. (PDF) (June 17, 2015).
Termination Order for PNC Bank, N.A. (PDF) (June 17, 2015).
Termination for EverBank (PDF) (January 5, 2016).
Termination for JPMorgan Chase Bank, N.A. (PDF) (January 5, 2016).
Termination for OneWest (PDF) (July 21, 2015).
Termination for Santander Bank, N.A. (PDF) (February 9, 2016).
Termination for U.S. Bank National Association (PDF) (February 9, 2016).
Termination for Wells Fargo Bank, N.A. (PDF) (May 24, 2016).
Termination for HSBC Bank USA, N.A. (PDF) (January 9, 2017)
Foreclosure-related authorization orders against Aurora Bank, FSB, and MetLife Bank, N.A., were terminated formerly by operation of law after these institutions ceased to run as regulated, insured depository organizations.
Federal Bank Regulators Fine Document Processor $65 Million
The federal banking companies fined ServiceLink Holdings, LLC (ServiceLink Holdings), $65 million for inappropriate actions by its predecessor business, Lender Processing Services, Inc. (LPS), which resulted in considerable deficiencies in the foreclosure-related services that LPS offered to mortgage servicers.
Civil Money Penalty Order (PDF) (January 24, 2017)
IFR Payment Agreement
Agencies Announce Reissuance of Checks Related to the Independent Foreclosure Review.
Foreclosure-Related Consent Orders Status Report April 2014.
Report on Independent Foreclosure Review Payment Data.
Minimum Standards for Prioritization and Handling Borrower Files with Imminent Foreclosure Sale.
Payments start April 12.
IFR Payment Agreement Details.
Amendments to April 2011 Enforcement Actions.
Comptroller Speech.
Payment Agreement Announcement.
Original Enforcement Actions
EverBank Payment Agreement
EverBank Amended Order.
EverBank Consents To Pay $37 Million.
EverBank FAQs
Related Reports
Foreclosure-Related Consent Orders Status Report: Observations, Payments, and Foreclosure Prevention Assistance (April 2014) - On April 30, 2014, the OCC released a report on IFR Payment Agreements that supplies data on the status of payments and foreclosure avoidance assistance along with a discussion of observations from the reviews.
Report on Independent Foreclosure Review Payment Data (May 2013) - This report supplies data on IFR payments by state since May 31, 2013.
Interim Status Report: Foreclosure-Related Consent Orders (June 21, 2012) - The OCC launched its second interim report on the status of the IFR and actions needed by authorization orders provided in April 2011 to correct lacking mortgage maintenance and foreclosure procedures.
Interagency Review of Foreclosure Policies and Practices (April 2011) - The OCC, the Board of Governors of the Federal Reserve System, and the OTS performed interagency evaluations in the fourth quarter of 2010 and released a summary of findings in April 2011.
Other Related Documents
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Enforcement Acton Amendments Implementing Business Restrictions Against Certain Banks (Issued June 2015) Show
On June 17, 2015, the OCC announced certain company restrictions connected to mortgage servicing activities of EverBank