Items Tagged with 'Independent Foreclosure Review'

ARTICLES

  • OCC terminates HSBC mortgage servicing restrictions

    Fined $32.5 million for violating Independent Foreclosure Review
    The final bank to have its mortgage servicing restrictions terminated is here. The Office of the Comptroller of the Currency officially lifted its mortgage servicing-related order against HSBC Bank USA, lifting restrictions placed on the bank over its failure to comply with requirements of the Independent Foreclosure Review
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  • Nearly 650,000 borrowers to receive more money from Independent Foreclosure Review

    Remaining funds to be distributed to borrowers who already received money
    The clock is now at zero for the borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements who have not yet cashed or deposited their check. So where is all the money going? It's headed to the borrowers who already cashed their checks.
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  • OCC terminates Wells Fargo's mortgage servicing restrictions

    Fined $70 million civil money penalty
    The OCC announced on Wednesday that it lifted the mortgage serving requirements on Wells Fargo now that it is in compliance with the requirements of the Independent Foreclosure Review. Wells Fargo is the most recent bank in a group of six to have its requirements lifted. But Wells Fargo didn’t come out of this unscathed and must pay a $70 million civil money penalty for previous violations of the order.
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  • OCC lifts mortgage servicing restrictions on U.S. Bank, Santander

    Banks fined $13.4 million total for violations of Independent Foreclosure Review
    The Office of the Comptroller of the Currency announced Tuesday that it is terminating mortgage servicing-related consent orders against U.S. Bank National Association and Santander Bank, lifting the mortgage servicing restrictions placed on both banks last year due to failure to comply with requirements of the Independent Foreclosure Review.
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  • OCC terminates JPMorgan and EverBank mortgage servicing consent orders

    Both institutions will pay a civil money penalty
    A little over six months since the restrictions were put in place, the Office of the Comptroller of the Currency announced it terminated mortgage servicing-related consent orders against JPMorgan Chase and EverBank. Both banks now officially comply with the orders and only have a hefty fine to pay. However, not all banks are in the clear.
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  • Report: Citigroup forgot to send 23,000 settlement checks

    Still owes $20 million as part of Independent Foreclosure Review
    According to a report from Bloomberg, Citigroup did not send settlement checks to approximately 23,000 borrowers who are eligible for payment under the Independent Foreclosure Review and is now preparing to mail out $20 million worth of checks to those borrowers.
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  • OCC: 87% of settlement funds distributed to borrowers

    Waters has called OCC's crediting system "nonsensical"
    According to the OCC, Qualified Settlement Fund 1 had disbursed 3,948,415 checks to distressed borrowers, totaling $3,385,814,432, as of January 24, 2014. Of those checks, 3,280,458 (83%), totaling $2,903,932,623 (86%), have been cashed or deposited as of April 8, 2014.
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