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Servicing / The Ticker

Completed independent foreclosure review payouts near $2.4B

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Completed payouts from the Independent Foreclosure Review settlement agreement reached nearly 2.7 million checks valued at $2.4 billion this past week, the Office of the Comptroller said Friday.

Those figures account only for checks that have been cashed or deposited.

To date, 3.9 million checks – valued at $3.4 billion – have been sent to eligible homeowners harmed by foreclosures that occurred back in 2009 and 2010. 

The payout is part of the $9.3 billion Independent Foreclosure Review settlement reached by 13 mortgage servicers and financial regulators in January to replace a yearlong probe of foreclosure files enacted back in 2011.

The original settlement included a plan to probe into old foreclosures, looking back for mistakes or issues that harmed homeowners. But the strain and costs associated with investigating loan-level data prompted prudential financial regulators to end the look backs this year and settle for $9.3 billion – allocating $3.6 billion to compensate borrowers.

The first checks from the $3.6 billion went out in April, with the final payout expected mid-summer.

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