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 (OCC), the Federal Reserve Board related to the Nationwide Mortgage Servicing Settlement, 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.