A month after the first checks hit the mail, the independent foreclosure review settlement has dished out 3.9 million checks.

To date, 2.2 million people have cashed or deposited checks for a total amount of $2 billion.

Overall, $3.4 billion has been sent to eligible borrowers.

The settlement, which was decided upon in January, provided $3.6 billion in payments to borrowers impacted by any stage of the foreclosure process in 2009 and 2010. The settlement replaced the independent national foreclosure review, which was extinguished after the first year due to expense and timing concerns.

The settlement applies to borrowers whose loans were serviced by Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, Wells Fargo and their affiliates.