Over 1M Foreclosure Review Checks Cashed; 3rd Round Sent

Over 1M Foreclosure Review Checks Cashed; 3rd Round Sent

04/28/2013 BY: ESTHER CHO

A third round of 927,000 foreclosure review checks was sent out Friday, the Office of the Comptroller of the Currency (OCC) announced.

The most recent batch of checks is valued at $794 million.

As of April 25, 1,150,328 recipients have cashed or deposited $1.1 billion in checks from the foreclosure settlement reached in January with federal regulators and 13 servicers.

The servicers—Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo-agreed to provide $3.6 billion in cash payments, along with $5.7 billion in mortgage assistance. The agreement replaces the Independent Foreclosure Review first required through consent orders issued by federal regulators.

So far, more than 3.7 million checks worth $3.2 billion have been mailed off to eligible borrowers under the settlement. The first wave of payments was sent on April 12. The last batch of checks is expected to be sent in mid-July.

The OCC advised borrowers to direct their questions to Rust Consulting, the paying agent, at 1-888-952-9105.

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