Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was dispersed to more than 3.6 million eligible borrowers, representing more than 90 percent of the total quantity available for circulation.

Checks associated with OCC-regulated banks covered by the IFR Payment Agreement ended December 31, 2016. No extra checks will be released.

In June 2016, the Office of the Comptroller of the Currency (OCC) escheated around $270 million to state authorities, in connection with the agency-supervised payments under the Independent Foreclosure Review (IFR) Payment Agreement. The OCC anticipates to escheat an extra $4 million to state authorities by February 2017 to complete the IFR Payment Agreement program. Eligible customers and their beneficiaries may claim unclaimed funds bound to them through their states' escheatment procedures. Each state has various timelines, however it might be 6 months or more after the funds are escheated to the states before the respective state is able to offer payments under their unclaimed residential or commercial property procedures. There is no time limit within which qualified individuals need to request funds under the states' unclaimed funds processes.

Foreclosure Prevention Assistance

Regulators motivate customers requiring foreclosure avoidance assistance to work straight with their servicer or contact 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 approved not-for-profit company that can supply complimentary 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 verification of restorative actions, the OCC has terminated foreclosure-related permission 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). 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 approval orders versus Aurora Bank, FSB, and MetLife Bank, N.A., were ended formerly by operation of law after these organizations stopped to operate as regulated, insured depository institutions.

Federal Bank Regulators Fine Document Processor $65 Million

The federal banking firms fined ServiceLink Holdings, LLC (ServiceLink Holdings), $65 million for inappropriate actions by its predecessor company, Lender Processing Services, Inc. (LPS), which resulted in substantial shortages 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 Accepts 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 launched a report on IFR Payment Agreements that provides data on the status of payments and foreclosure avoidance support along with a conversation of observations from the reviews. Report on Independent Foreclosure Review Payment Data (May 2013) - This report provides information on IFR payments by state as of 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 required by permission orders released in April 2011 to fix deficient mortgage maintenance and foreclosure processes. Interagency Review of Foreclosure Policies and Practices (April 2011) - The OCC, the Board of Governors of the Federal Reserve System, and the OTS conducted interagency assessments in the 4th quarter of 2010 and published 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 particular service limitations connected to mortgage maintenance activities of EverBank