Mortgage servicers participating in the independent foreclosure review settlement will begin mailing out the first $1.2 billion in checks to 1.4 million troubled borrowers on April 12. More than 4 million borrowers total will be compensated as part of the amended settlements between the 13 mortgage servicers and the Office of the Comptroller of the Currency and the Federal Reserve Board. The regulators explained that payments will be sent out in waves, with the final mailing slated for mid-July. More than 60 percent of the affected borrowers, or approximately 2.4 million people, will receive the lowest amount of $300. Only 1,135 borrowers are receiving the maximum amount of $125,000.