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Servicing / The Ticker

Second wave of foreclosure review checks hit the mail

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The second wave of checks from the independent foreclosure review settlement hit the mail Friday, bringing the total number of payouts to 2.8 million.

Earlier this week, regulators said some borrowers who received payments during the first wave of mailings had trouble cashing their checks.

The Federal Reserve remedied the situation and by Friday the second round was in the mail.

As of today, $2.4 billion of the $3.6 billion reimbursement payments for homeowners affected by foreclosures processed in 2009 and 2010 have been mailed, the Office of the Comptroller of the Currency said.

By the end of business day Thursday, recipients had cashed 434,484 checks, leading to the disbursement of $419 million in funds.

By the end of April, 90% of the checks will have been mailed. The final round of payments will be distributed by mid-summer.

The payments, which total $3.6 billion, are part of the $9.3 billion independent foreclosure review settlement, a deal cut between 13 servicers and regulators as part of an agreement to end the costly national foreclosure review.

kpanchuk@housingwire.com

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