OCC: Correcting Foreclosure Practices – Independent Foreclosure Review Payment Agreements

Office of the Comptroller of the Currency

Correcting Foreclosure Practices

Updated March 28, 2013

Independent Foreclosure Review Payment Agreement

On March 18, 2013, more than 4.2 million people were sent postcard notices about payments they will receive as a result of an agreement between federal banking regulators and 13 mortgage servicers. For more information, please call 1-888-952-9105, which is the number for Rust Consulting—the Paying Agent—that is printed on each postcard.

These 4.2 million people include eligible borrowers whose mortgages were serviced by Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. In January 2013, these 13 mortgage servicing companies reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $9.3 billion in cash payments and other assistance to help borrowers. The settlement concluded the Independent Foreclosure Review for these 13 servicers and will result in $3.6 billion in cash payments to nearly 4.2 million eligible borrowers and $5.7 billion in additional assistance. More about the Independent Foreclosure Review Agreements.

Borrowers will not be required to execute a waiver of any legal claims they may have against their servicer as a condition for receiving payment. In addition, the servicers’ internal complaint process will remain available to borrowers.

Watch out for scams. Beware of anyone who asks you to call a different phone number than the number above or to pay a fee to receive a payment under the agreement. See frequently asked questions about the agreement.

Continuing Reviews for Customers of EverBank, GMAC Mortgage, and OneWest

For borrowers with mortgage loans with the following servicers: EverBank/EverHome Mortgage Company, Financial Freedom (OneWest), GMAC Mortgage, and IndyMac Mortgage Services (OneWest), the Independent Foreclosure Review process continues. More about the continuing reviews.

OCC and Federal Reserve examiners are continuing to closely monitor the servicers’ implementation of plans required by the enforcement actions issued in April 2011 to correct the unsafe and unsound mortgage servicing and foreclosure practices.

Financial Remediation Framework for the Continuing Reviews

For servicers whose Independent Foreclosure Review continues, the consultants will use the framework to recommend remediation for financial injury identified during the Independent Foreclosure Review. The servicers will prepare remediation plans based on the consultants’ recommendations. The federal banking regulators must approve each servicer’s remediation plan. The framework helps ensure that similarly situated borrowers receive similar treatment.

Foreclosure Prevention Assistance

Regulators encourage borrowers needing foreclosure prevention assistance to work directly with their servicer or contact the Homeowner’s HOPE Hotline at 888-995-HOPE (4673) (or at www.makinghomeaffordable.gov) to be put you in touch with a U.S. Department of Housing and Urban Development approved nonprofit organization that can provide free assistance.

Additional Background Information

Request for Review Response Data

The OCC and Federal Reserve have released data on the number of eligible borrowers who have requested a review by state and county through the end of September 2012. Click to view that data.

Engagement Letters

The OCC released engagement letters that describe how the independent consultants, retained by the servicers, will conduct their reviews and claims processes in accordance with the OCC’s consent orders. See the engagement letters.

Interim Report

On June 21, 2012, the OCC released its second interim report on the status of the Independent Foreclosure Review and actions required by consent orders issued in April 2011 to correct deficient mortgage servicing and foreclosure processes. Read the report.

About the Enforcement Actions

The enforcement actions were based on interagency examinations conducted in the fourth quarter of 2010. A summary of the findings of the interagency reviews is available in the Interagency Review of Foreclosure Policies and Practices, which was produced by the OCC, the Board of Governors of the Federal Reserve System, and the OTS.

Links to the OCC and former OTS Enforcement Actions (Issued April 2011):

Links to Enforcement Action Amendments for Servicers Entering the Independent Foreclosure Review Payment Agreement (Issued February 2013):

SOURCE: http://www.occ.gov/

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4closureFraud.org

Comments
17 Responses to “OCC: Correcting Foreclosure Practices – Independent Foreclosure Review Payment Agreements”
  1. J.Kelly says:

    We just received our $300.00 check yesterday. Well, we were in the bankruptcy category. We should have received a minimum of $3,750.00. This whole process is a fraud !!! We filed a complaint with the Federal Trade Commission (like they will do anything about it!). It looks like Rust Consulting, Inc. has deep pockets also!

  2. E J says:

    They sent a check but it’s an incorrect amount for the events that occurred according to their chart… 1/2 the amount it should have been!

    • Angelique Rider-Mitchell says:

      I hate to say it but, I guess you could consider yourself lucky having received 50% of your due. My husband & I, in anticipation of receiving our check, were easily able to put our hands on documentation which proves we should have gotten a $50,000 check and I’m pretty sure if we look a little harder we can put together a compelling case for the $62,500 payout. And this is after having been homeless for a period & moving in rapid succession a few times that 1st year, as well as having had a very large storage unit repo’d-losing a ton of our belongings. During this time I was clinically depressed & had been hospitalized twice, in the ICU, for attempted suicide. I was completely lost, useless. Are they trying to tell us that their document management was worse than mine!!!!! Bullshit!!!! NO ONES DOCUMENT MANAGEMENT HAS EVER, WILL EVER BE WORSE THAN MINE WAS, yet I found the pertinent papers!!!!!!!! We received a check for. ….$500!!!! Wouldn’t you think that that act alone is FRAUD, in & of itself? I’m bring suit against WELLS FARGO FOR FRAUD in California within the next 2 weeks, as soon as I’m done dealing with my dockmaster’s harassment (we now live on our boat). I wish I’d taken law in college, b/c of course we can’t afford an attorney, b/c we were foreclosed on, lost EVERYTHING & only got a $500 check!!!! Those FUCKING BASTARDS!!!!!!! I SUGGEST EVERYONE ELSE DO THE SAME! THEY CANT BE ALLOWED TO CONT THIS RAPE & PILLAGE OF OUR NATION!

      Angelique Rider-Mitchell.

  3. wannie says:

    This is a scam within it self. Giving someone a check for $300. Foreclosure is very devasting to say the least; to be wrongfully foreclosed on is even worse. Compensating someone with a $300 check after they’ve been thrown in the streets is not enough. The reviewers are making out real good from this.

  4. robert owens says:

    I am a Disabled Veteran I tried to get them to lower my payment like the Govt said to do after they were given all those Billions and HSBC told me know way my house was upside down we were ready to sign $100.000.oo with taxes and insurance. at $1000.00 a month they said no way and gave me $1000.00 dollars to cash for keys and was told from others allot were given $5000.00 to get out before foreclosure. and they sold house for 60 thous lol now aint that sick I spend 21 years defending with blood sweat for my country give another 11 years keeping the boarders safe and GET NO HELP FROM UNCLE SAM ?????

  5. Selden says:

    I read last week that by/after March 31st someone would be sending out letters to explain more but I haven’t received one. Has anyone else?
    Mr A, you said you actually SPOKE to someone? I thought about calling Rust Consulting but they sounded like in Gov’t VM, they wouldn’t tell us anything. WHERE is this “posting” going to be?
    Also, I saw on the news the Dec 31st thing BUT thought I wasn’t involved so did not respond. The Gov’t site says it does NOT matter but did you file? Thanks for any help. I know I will be getting about $3.50 so don’t want to get too excited-haha!

    • Kelly says:

      Well we received our “settlement” yesterday and it is a joke. We had multiple cases of fraud and forgery on our Note/Mortgage with Chase and were foreclosed on after filing a lawsuit and losing that last year. Our check was for a whopping $500.00!! I’m not sure what that’s going to do for us. We were one of the 1st ones to file a complaint with the office of the comptroller a few years back and sent them proof of everything. The $500 doesn’t even pay back the $7500 we spent on an attorney to lose our case!! What a disappointment…

  6. Lisa Wolfe says:

    Does anyone have an update on when these payments are slated to be mailed? Thanks Lisa

  7. lies is all they tell says:

    this is all a scam to appease american so they will not fight back. how are these sending postcards? to whom? i am in foreclosure, my sister has 2 foreclosures in south florida yet NO postcards. how do they send postcards to people that have already lost their homes. makes no sense to me.

  8. Angelique Rider-Mitchell says:

    Wow, you’re situation makes me wonder how much worse our mortgage was handled than we even realize. I tell you what, I hope it was a lot worse>”go ahead and bump me up into that $125,000 bracket, m@?!#&f#ck#@s. I dare you.” But, I can say that now, now that I have the luxury(?) of having already lost my home! Unfortunately, I don’t have the number your looking for. But, I could use some help, too.
    Does anyone have the inside scoop on the new remediation framework?The one that is to apply to the borrowers who’s banks entered into the agreement. The OCC & the FRB are to generate it and no payments will mail until is provided to RUST. AS OF TODAY THE SUPERVISOR I SPOKE WITH AT RUST STATED THEY HAVENT RECEIVED IT & DONT KNOW WHEN TO EXPECT IT. Which leaves me wondering, do you think bombarding the OCC & FRB with email would move this along? The same person said the payments / borrowers are going to be grouped, then the mailings would occur a group at a time, starting at ~the 8wk mark from the postcard & con’t into June. That’s not what my postcard said! My said 4-8 weeks, period! What the hell? Was I naïve to thing that these people were the cowboys in white hats come to save the day & not yet one more opportunity for the big guys to screw us little guys all the while insuring job security by inventing paid positions for each other. Its one big circle jerk! Thanks for letting rant. I’m going to start writing my Congress men & women.

    • J. Alonzo says:

      Just spoke to them Its just like talking to an attorney of someone you are trying to sue.
      The information is given out in little squirts of water. According to the lady i spoke to she
      said in mid April they will have on their website the amounts and groups folks fall under. Meaning you can there and check to see what group you fall under. Thats only a few days
      away. Fingers crossed! But every knows this is all corrupt.

  9. Sarah says:

    Occupy the OCC. Dismantle this agency.

  10. just to file BK you have to serve all these DEBT COLLECTORS! Select Doc Number Doc Type Name
    2012-0045941 LIS PENDENS AMERIQUEST HOME FINANCE
    2012-0045941 LIS PENDENSHO-BK BELLO ANDREW R SR
    2012-0045941 LIS PENDENS HO-BK BELLO A
    2012-0045941 LIS PENDENS JP MORGAN CHASE SPECIALTY MORTGAGE L L C
    2012-0045941 LIS PENDENS MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC
    2012-0045941 LIS PENDENS TOWN AND COUNTRY TITLE SERVICES INC

    Questions or problems? Call us at (619)685-2455 (8am – 5pm PST),
    or e-mail us at ARCC.FGG@sdcounty.ca.gov.

  11. Amada L Escandon-O’RourkeMar 28, 2013 – Public
    Amada L Escandon-O’Rourke
    Feb 28

    to me
    We have been asking for the last 28 months, WF NA San Fco. CA Branch
    debt collector for a loan mod or short sale,
    they say that OLS
    bought our loan in the securitization of 2004,
    Wells Fargo BAnk, NA Trustee for POOLING and SERVICING Agreement DATED as of NOVEMBER 1, 2004
    **********Park Place Securities, INC**********
    asset-Backed Pass-THROUGH CERTIFICATES SERIES 2004-WHQ2 who’s address is 1661 Worthington RD Suite#100, West Palm Beach, Fl 22409

    but ocwen loan servicer LLC
    being a debt collector also does not care for short sale or loan mod…and they are not the originator of my of my note.
    Ocwen loan servicer placed a forced home insurance for more than $2500.00
    DEFENSIVE litigation FEE for $4,444.00 a month for the last 24 months +
    Title serch $729.80 +Inspection fee $436.00 +valuation fee $52.50 plus
    the late charge of $146.367 in my home loan statement,
    now with a balance of more than $80K plus price of property TS for$400K
    price given to my property by BPO from Oceanside CA a two hour drive from where I live! OLS/WF have denied our loan mod and short sale for no reason but greed!

    WF/OLS waits for two or three years before Western Progressive-LLC-robo signer Porsche Smiley /OLS file the the NOD…mean time OLS charge LITIGATION FEES under attorney in fact Western Progressive, LLC -Mr. Madan Kumar that also works(dual agency)for ALTISOURCE TM but since he is not the lawyer
    he told me that he can disguise these charges this way they don’t pay any property transfer TAX…
    and the lawyer helping in this fraud is Mr. Manford Benjamin Susman from Houser &Allison APC in CA and NY..HE CALL ME TO TELL US THAT HE WILL EVICT US WITHOUT ANY OPPORTUNITY OF A LOSN MOD OR SHORT SALE..only foreclosure!
    when I told him that it was illegal to charge defensive litigation fees without DISCLOSING his identity is illegal ,identity theft is a CRIME. I have reporting hime already to the CA BAR OF LAWYERS.
    I told him to read the homeowners Bill of Rights! he got very angry and now he sold my home last 1-28-13 to TOWN and Country Title serv Inc.(LPS) Ocwen Federal Bank FBS…the lawyers from Quadra have sued WF before…so most likely they will handle this mortgage fraud with robo signer and altered deeds of trust and ghost assignment that lead to eviction of the homeowner.

    1-28-2013-Assignment of Deed Of Trst California–3013-0056477
    LPS Robo signer Joe Simmons
    when RECORDER Mail Ocwen Loan Ser LLC
    1661 Washington Rd Suite 100
    West Palm Beach, Florida, 33409
    phone # 561 682 8835
    my loan number is altered *64888888888*82
    CA-Attorney Code 24110 IS INACTIVE-POA April 05,2001-Doc# 2001 -0206510

    NOD 12-07-2012 0391952 TS# 2011-10981

    who is the ASSIGNEE?…WHO IS THE ASSIGNOR?..

    TRUSTOR: O’Rourke G. M. O and O’Rourke A. L

    TRUSTEE: TOWN AND COUNTRY TITLE SERVICES, INC

    ***this lawyer copy and paste instrument Deed of Trust 2004-0973029
    Beneficiary: ARGENT MORTGAGE CO LLC
    DOC DATE-October-13, 2004.0973029
    This Assignment is made without recourse, representation or warranty
    1-09-2013
    AMERIQUEST MORTGAGE COM -dba Ameriques Home Finance
    BY ITS ATTORNEY IN FACT AND SERVICER IN FACT
    OCWEN FEDERAL BANK FSB
    BY (robo signer) LETICIA N ARIAS Contract Manager
    and also NOTARY PUBLIC STATE OF FLORIDa
    leticia n arias
    3dd737904
    EXP: NOV 29 2011-NOTARY STATE OF FLORIDA mers 888 679 6377

    Regulators Review Costs of Force-Placed Insurance »
    A widespread practice by lenders of buying often-costly insurance for mortgaged property and billing the owner is under scrutiny.

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