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Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was dispersed to more than 3.6 million qualified customers, representing more than 90 percent of the total amount offered for circulation.

Checks related to OCC-regulated banks covered by the IFR Payment Agreement expired December 31, 2016. No will be issued.

In June 2016, the Office of the Comptroller of the Currency (OCC) escheated approximately $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 finish the IFR Payment Agreement program. Eligible borrowers and their heirs might declare unclaimed funds bound to them through their states' escheatment procedures. Each state has various timelines, but it may be 6 months or more after the funds are escheated to the states before the particular state has the ability to offer payments under their unclaimed residential or commercial property processes. There is no time at all limit within which eligible individuals should ask for funds under the states' unclaimed funds procedures.

Foreclosure Prevention Assistance

Regulators motivate debtors needing foreclosure prevention assistance to work straight with their servicer or call 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 organization that can provide totally 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 ended foreclosure-related authorization orders against 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 versus Aurora Bank, FSB, and MetLife Bank, N.A., were terminated formerly by operation of law after these organizations stopped to operate as controlled, guaranteed 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 company, Lender Processing Services, Inc. (LPS), which resulted in considerable 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 Agrees 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 launched a report on IFR Payment Agreements that supplies information on the status of payments and foreclosure prevention assistance along with a conversation of observations from the evaluations. 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 required by approval orders provided in April 2011 to correct 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 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 specific company restrictions associated with mortgage maintenance activities of EverBank