Office of the Comptroller of the Currency
Agencies Announce Reissuance of Checks Related to the Independent Foreclosure Review
Nearly 600,000 checks mailed to borrowers of these 13 servicers remain outstanding, and have now expired. As part of the agencies’ ongoing efforts to reach these borrowers, the paying agent was directed to conduct additional searches of updated addresses. The current mailing represents the third attempt directed by the agencies to provide checks to in-scope borrowers. Borrowers who have already cashed or deposited their checks will not receive additional payment. Borrowers must cash or deposit the replacement checks within 90 days of the issue date or the check will be void.
After January 2013, similar agreements were reached with federal bank regulatory agencies that provided cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by GMAC Mortgage and EverBank. As of year-end 2014, payments were mailed to all of the in-scope borrowers of these two servicers. Replacement checks for borrowers of GMAC Mortgage who have not yet cashed or deposited their checks are expected to be mailed by Rust Consulting, Inc., by May 2015.
Borrowers whose mortgages were serviced by one of the 13 servicers that entered into agreements in January 2013 or by GMAC Mortgage should call Rust Consulting, Inc. with questions at 888-952-9105, Monday through Friday between 9:00 a.m. and 8:00 p.m. EST or Saturday between 11:00 a.m. and 4:00 p.m. EST. Borrowers who had a mortgage serviced by EverBank should contact the paying agent for that agreement, Epiq Systems, with questions at 877-819-9754.
|Federal Reserve Board||Eric Kollig||202-452-2955|