Remainder of Mortgage Servicing Settlement Checks to Be Issued This Summer

July 15, 2013
National Mortgage Professional  
mortgage lending news

More than 3.9 million checks worth more than $3.4 billion have been mailed out to qualified borrowers under the Independent Foreclosure Review Payment Agreement since compensation began on April 12. As of July 11, recipients have cashed nearly 2.9 million of those checks, to the tune of more than $2.5 billion. The remaining checks will be mailed out this summer. The payments are the byproduct of pacts between the Office of the Comptroller of the Currency, the Federal Reserve, and 13 loan servicers; the agreements stipulate $3.6 billion in total compensation to borrowers whose homes were in foreclosure in 2009 or 2010 and whose loans were serviced by one of the participating companies.
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