1. I DID NOT SUBMIT A REQUEST FOR REVIEW FORM. IS IT TOO LATE TO REQUEST A FORM?
We are no longer accepting any Request for Review Forms postmarked after December
2. DOES PARTICIPATION IN THE INDEPENDENT FORECLOSURE REVIEW PREVENT ME FROM TAKING
OTHER ACTION AGAINST MY SERVICER?
No. Your participation will not prevent you from pursuing any other option you may
have related to your foreclosure.
3. WHAT KINDS OF FORECLOSURE ACTIONS WERE PART OF THE INDEPENDENT FORECLOSURE REVIEW?
Foreclosure actions include any of the following events that took place related
to a primary residence between the dates of January 1, 2009 and December 31, 2010:
- The property was sold due to a foreclosure judgment.
- The mortgage loan was referred into the foreclosure process but was removed from
the process because payments were brought up-to-date or the borrower entered a payment
plan or modification program.
- The mortgage loan was referred into the foreclosure process, but the home was sold
or the borrower participated in a short sale or chose a deed-in-lieu or other program
to avoid foreclosure.
- The mortgage loan was referred into the foreclosure process and remains delinquent
but the foreclosure sale has not yet taken place.
Your mortgage loan may be covered by the Agreement even if your property did not
go all the way through foreclosure sale.
4. WHAT IS THIS AGREEMENT ABOUT? I JUST HEARD/READ SOMETHING ABOUT WHAT COMPENSATION
MAY BE PROVIDED TO CONSUMERS. WHERE CAN I GET OR FIND MORE INFORMATION ABOUT THE
AGREEMENT AND PAYMENTS THAT I READ ABOUT IN THE PRESS?
In January 2013, agreements between 13 mortgage servicers and federal banking regulators
were reached that has ended the Independent Foreclosure Review program for the participating
servicers. In July 2013, GMAC Mortgage also reached an agreement with the Federal
Reserve Board that ended the Independent Foreclosure Review. In August 2013, EverBank
entered into an agreement with the Office of the Comptroller of the Currency to
end the Independent Foreclosure Review. At this time, the Independent Foreclosure
Review continues for OneWest Bank.
5. DOES THE AGREEMENT MEAN THAT MY MORTGAGE LOAN FILE WILL NOT BE REVIEWED BY A
NEUTRAL PARTY OR INDEPENDENT CONSULTANT?
At this time, the Independent Foreclosure Review continues for OneWest Bank.
6. MY SERVICER WAS PART OF THE INDEPENDENT FORECLOSURE REVIEW. WHY IS MY SERVICER
NOT INCLUDED IN THE AGREEMENT?
At this time, the Independent Foreclosure Review continues only for OneWest Bank.
All other servicers who were part of the Independent Foreclosure Review have entered
into a payment agreement with federal banking regulators that ended the Independent
Foreclosure Review for those servicers.
7. I SUBMITTED A REQUEST FOR REVIEW FORM, IS THERE A COST?
The Independent Foreclosure Review program is free. Beware of anyone who asks you
to pay a fee in exchange for a service related to the Independent Foreclosure Review.
8. IS A MORTGAGE SERVICER THE SAME AS A BANK?
A mortgage servicer is the company that services, or processes, your mortgage loan.
The mortgage servicer can be a bank that offers many services, including mortgages,
personal finance, checking, or investments. The mortgage servicer can also be a
company that offers only mortgage-related services.
9. HOW DO I KNOW WHO SERVICED MY MORTGAGE?
The company you send your monthly mortgage payments to is your mortgage servicer.
It is not necessarily the company whose name is on the actual foreclosure documents,
although in most cases, it is. If your property has gone through a foreclosure sale
and you don't remember who your servicer was, we suggest you look for canceled checks,
bank and mortgage statements or other records to find the name of your servicer.
10. WHAT HAPPENS IF I AM NOT COVERED BY THE INDEPENENDENT FORECLOSURE REVIEW?
You can still have your mortgage concerns considered by calling or writing your
servicer directly. You may also contact the servicer’s regulator – for more information
see www.occ.gov or www.federalreserve.gov. Homeowners may also contact a HUD-approved
nonprofit organization that helps homeowners in distress. Information about HUD-approved
nonprofit organizations that can provide free assistance is available at www.makinghomeaffordable.gov/get-started/housing-expert
or by calling 1-888-995-HOPE (4673).
11. WHAT IS DEFINED AS A "PRIMARY RESIDENCE"?
A primary residence is the place where a person lives or resides the majority of
the calendar year. A primary residence is also the address that would appear on
your federal income taxes, your voter registration or any type of license. A person
can only have one primary residence at any given time.
12. I JUST READ SOMETHING CALLED THE FINANCIAL REMEDIATION FRAMEWORK. Does that
apply to my servicer?
Yes, that Framework applies to the Independent Foreclosure Review. However, the
Independent Foreclosure Review only continues for OneWest Bank.
13. WHEN WILL ONEWEST COMPLETE THE FORECLOSURE REVIEW PROCESS?
Independent Foreclosure Review results and remediation, if applicable, for OneWest
borrowers began to be mailed beginning in March 2014 and mailings are expected to
continue through the fall of 2014.
14. WHEN WILL EVERBANK BORROWERS BEGIN TO RECEIVE PAYMENT UNDER THE AGREEMENT?
Payments to the majority of EverBank borrowers were mailed beginning in May 2014.
The remaining payments, which required additional information from borrowers in
order to process, are expected to be mailed over the coming months.
15. WHEN WILL GMAC BORROWERS BEGIN TO RECEIVE PAYMENT UNDER THE AGREEMENT?
Payments to the majority of GMAC Mortgage borrowers were mailed at the end of January
2014. The remaining payments, which required additional information from borrowers
in order to process, are expected to be mailed over the coming months.
16. I WAS WORKING WITH MY BANK TO PREVENT A FORECLOSURE SALE. SHOULD I CONTINUE
TO WORK WITH THEM IF I PARTICIPATED IN THE REVIEW?
Continue to work with your servicer. Participating in the review will not impact
any effort to prevent a foreclosure sale. The Independent Foreclosure Review is
not intended to replace current active efforts with your Servicer.
17. WHO IS PAYING FOR THE REVIEW/IS THE SERVICER PAYING FOR THIS?
As part of the consent order with federal banking regulators, the participating
servicers are required to pay the costs associated with the Independent Foreclosure
18. HOW DO I KNOW THIS IS LEGITIMATE?
The Independent Foreclosure Review is monitored by federal banking regulators, the
Office of the Comptroller of the Currency and the Board of Governors of the Federal
Reserve System, to ensure a fair and impartial process. The Office of the Comptroller
of the Currency and Federal Reserve and Board of Governors of the Federal Reserve
System websites, www.occ.gov and www.federalreserve.gov
provide more information on the Independent Foreclosure Review.