Updated January 31, 2017
OCC to Escheat Remaining Foreclosure Review Funds, Completes Payment Program
Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was distributed to more than 3.6 million eligible borrowers, representing more than 90 percent of the total amount available for distribution.
Checks related to OCC-regulated banks covered by the IFR Payment Agreement expired December 31, 2016. No additional checks will be issued.
In June 2016, the Office of the Comptroller of the Currency (OCC) escheated approximately $270 million to state authorities, in connection with the agency-supervised payments under the Independent Foreclosure Review (IFR) Payment Agreement. The OCC expects to escheat an additional $4 million to state authorities by February 2017 to complete the IFR Payment Agreement program. Eligible borrowers and their heirs may claim unclaimed funds obligated to them through their states' escheatment processes. Each state has different timelines, but it may be six months or more after the funds are escheated to the states before the respective state is able to provide payments under their unclaimed property processes. There is no time limit within which eligible individuals must request funds under the states' unclaimed funds processes.
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 Making Home Affordable) to be put in touch with a U.S. Department of Housing and Urban Development approved nonprofit organization that can provide free assistance.
In This Section
OCC Terminates Foreclosure-Related Consent Orders
Following the verification of corrective actions, the OCC has terminated foreclosure-related consent orders against the following banks.
- Termination Order for Bank of America, N.A. (PDF) (June 17, 2015)
- Termination Order for Citibank, N.A. (PDF) (June 17, 2015)
- Termination Order for PNC Bank, N.A. (PDF) (June 17, 2015)
- Termination for EverBank (PDF) (January 5, 2016)
- Termination for JPMorgan Chase Bank, N.A. (PDF) (January 5, 2016)
- Termination for OneWest (PDF) (July 21, 2015)
- Termination for Santander Bank, N.A. (PDF) (February 9, 2016)
- Termination for U.S. Bank National Association (PDF) (February 9, 2016)
- Termination for Wells Fargo Bank, N.A. (PDF) (May 24, 2016)
- Termination for HSBC Bank USA, N.A. (PDF) (January 9, 2017)
Foreclosure-related consent orders against Aurora Bank, FSB, and MetLife Bank, N.A., were terminated previously by operation of law after these institutions ceased to operate as regulated, insured depository institutions.
Federal Bank Regulators Fine Document Processor $65 Million
The federal banking agencies fined ServiceLink Holdings, LLC (ServiceLink Holdings), $65 million for improper actions by its predecessor company, Lender Processing Services, Inc. (LPS), which resulted in significant deficiencies in the foreclosure-related services that LPS provided to mortgage servicers.
IFR Payment Agreement
EverBank Payment Agreement
Other Related Documents