As part of consent orders with federal banking regulators, the Office of the Comptroller
of the Currency (OCC), the Office of Thrift Supervision (OTS), and the Board of
Governors of the Federal Reserve System (Federal Reserve), the Independent Foreclosure
Review (IFR) was established to determine whether eligible homeowners suffered financial
injury because of errors or other problems during their home foreclosure process
between January 1, 2009 and December 31, 2010.
In 2013, most of the mortgage servicers subject to the consent orders reached an
agreement with federal banking regulators to make payments to in-scope borrowers
based on the type of possible financial injury they may have suffered. That agreement
ended the IFR for those participating servicers. For the servicers that were part
of the IFR Payment Agreement, the mailing of payments to the more than 4.2 million
in-scope borrowers, which began in April 2013 and continued through 2016, is now
complete, and no further payments will be issued.
As of December 31, 2016, all checks have now expired and will not be honored if presented
for payment. The deadline to request a payment to be reissued, or to request to
change the name on a check, has also passed for all servicers. You can contact the
Paying Agent with questions at 1-888-952-9105 Monday through Friday, 9 am - 8 pm
Two servicers, Financial Freedom and OneWest/IndyMac Mortgage Services, did not participate in the IFR Payment Agreement and have completed the IFR process, including payment to all eligible borrowers. Uncashed funds from these payments will be escheated to the last known state of residence of the borrower beginning March 3, 2017. For information on which state your payment is being escheated to, please contact OneWest Bank at 1-800-500-6097, Monday through Friday, 8 am to 8 pm CT.