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, has concluded,
and no further payments will be issued.
As of December 31, 2016, all checks have 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.
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 were escheated
to the last known state of residence of the borrower beginning March 3, 2017. For
information on which state your payment was escheated to, please contact OneWest
Bank at 1-800-500-6097, Monday through Friday, 8 am to 8 pm CT.