Payouts from the Independent Foreclosure Review settlement continue, with $2.3 billion in checks now cashed or deposited by homeowners impacted by foreclosures in 2009 and 2010.

The Independent Foreclosure Review Settlement took effect after the Office of the Comptroller of the Currency and the Federal Reserve determined it would be too costly and inefficient to continue a long probe of foreclosure practices as part of the regulators’ consent orders with major mortgage servicers.

Instead, 13 mortgage servicers agreed to settle the issue for $9.3 billion, with $3.6 billion designated to compensate harmed homeowners.

The first wave of checks hit the mail on April 12, with the last round expected this summer.

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