Correcting Foreclosure Practices (#41) · Issues · Beatris Mercado / roussepropiedades

Correcting Foreclosure Practices

Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was dispersed to more than 3.6 million qualified debtors, representing more than 90 percent of the overall amount available for distribution.

Checks related to OCC-regulated banks covered by the IFR Payment Agreement ended December 31, 2016. No additional checks will be provided.

In June 2016, the Office of the Comptroller of the Currency (OCC) escheated approximately $270 million to state authorities, in connection with the agency-supervised payments under the Independent Foreclosure Review (IFR) Payment Agreement. The OCC expects to escheat an extra $4 million to state authorities by February 2017 to complete the IFR Payment Agreement program. Eligible debtors and their beneficiaries may claim unclaimed funds bound to them through their states' escheatment procedures. Each state has various timelines, however it may be six months or more after the funds are escheated to the states before the particular state is able to offer payments under their unclaimed residential or commercial property processes. There is no time at all limitation within which eligible people need to request funds under the states' unclaimed funds processes.

Foreclosure Prevention Assistance

Regulators motivate customers requiring foreclosure prevention help to work directly with their servicer or get in touch with the Homeowner's HOPE Hotline at 888-995-HOPE (4673) (or at Making Home Affordable) to be put in touch with a U.S. Department of Housing and Urban Development authorized nonprofit company that can offer totally free support.

In This Section

OCC Terminates Foreclosure-Related Consent Orders Federal Bank Regulators Fine Document Processor $65 Million EverBank Payment Agreement Related Reports Other Related Documents En Español

OCC Terminates Foreclosure-Related Consent Orders

Following the confirmation of corrective actions, the OCC has ended foreclosure-related consent orders against the following banks.

Termination Order for Bank of America, N.A. (PDF) (June 17, 2015). Termination Order for Citibank, N.A. (PDF) (June 17, 2015). Termination Order for PNC Bank, N.A. (PDF) (June 17, 2015). Termination for EverBank (PDF) (January 5, 2016). Termination for JPMorgan Chase Bank, N.A. (PDF) (January 5, 2016). Termination for OneWest (PDF) (July 21, 2015). Termination for Santander Bank, N.A. (PDF) (February 9, 2016). Termination for U.S. Bank National Association (PDF) (February 9, 2016). Termination for Wells Fargo Bank, N.A. (PDF) (May 24, 2016). Termination for HSBC Bank USA, N.A. (PDF) (January 9, 2017)

Foreclosure-related authorization orders against Aurora Bank, FSB, and MetLife Bank, N.A., were terminated formerly by operation of law after these organizations stopped to run as managed, guaranteed depository institutions.

Federal Bank Regulators Fine Document Processor $65 Million

The federal banking companies fined ServiceLink Holdings, LLC (ServiceLink Holdings), $65 million for incorrect actions by its predecessor company, Lender Processing Services, Inc. (LPS), which led to significant deficiencies in the foreclosure-related services that LPS supplied to mortgage servicers.

Civil Money Penalty Order (PDF) (January 24, 2017)

IFR Payment Agreement

Agencies Announce Reissuance of Checks Related to the Independent Foreclosure Review. Foreclosure-Related Consent Orders Status Report April 2014. Report on Independent Foreclosure Review Payment Data. Minimum Standards for Prioritization and Handling Borrower Files with Imminent Foreclosure Sale. Payments begin April 12. IFR Payment Agreement Details. Amendments to April 2011 Enforcement Actions. Comptroller Speech. Payment Agreement Announcement. Original Enforcement Actions

EverBank Payment Agreement

EverBank Amended Order. EverBank Consents To Pay $37 Million. EverBank FAQs

Related Reports

Foreclosure-Related Consent Orders Status Report: Observations, Payments, and Foreclosure Prevention Assistance (April 2014) - On April 30, 2014, the OCC released a report on IFR Payment Agreements that offers data on the status of payments and foreclosure avoidance assistance along with a conversation of observations from the reviews. Report on Independent Foreclosure Review Payment Data (May 2013) - This report offers information on IFR payments by state as of May 31, 2013. Interim Status Report: Foreclosure-Related Consent Orders (June 21, 2012) - The OCC released its 2nd interim report on the status of the IFR and actions required by authorization orders released in April 2011 to correct lacking mortgage servicing and foreclosure processes. Interagency Review of Foreclosure Policies and Practices (April 2011) - The OCC, the Board of Governors of the Federal Reserve System, and the OTS performed interagency assessments in the 4th quarter of 2010 and released a summary of findings in April 2011.

Other Related Documents

- Expand All.

Collapse All

Enforcement Acton Amendments Implementing Business Restrictions Against Certain Banks (Issued June 2015) Show

On June 17, 2015, the OCC revealed specific business constraints related to mortgage maintenance activities of EverBank; HSBC Bank USA, N.A.; JPMorgan Chase Bank, N.A.; Santander Bank, National Association; U.S. Bank National Association; and Wells Fargo Bank, N.A. These constraints varied based on the specific situation of each bank.

Amended Consent Orders for EverBank (June 17, 2015) (PDF). Amended Consent Orders for HSBC Bank USA, N.A. (June 17, 2015) (PDF). Amended Consent Orders for JPMorgan Chase Bank, N.A. (June 17, 2015) (PDF). Amended Consent Orders for Santander Bank, National Association (June 17, 2015) (PDF). Amended Consent Orders for U.S. Bank National Association (June 17, 2015) (PDF). Amended Consent Orders for Wells Fargo Bank, N.A. (June 17, 2015) (PDF)

Enforcement Action Amendments for Servicers Entering the IFR Payment Agreement (Issued February 2013) Show

- Consent Order Amendment for Aurora Bank, FSB (PDF).
Consent Order Amendment for Bank of America (PDF).
Consent Order Amendment for Citibank (PDF).
Consent Order Amendment for EverBank (PDF) (released 10/16/2013).
Consent Order Amendment for HSBC Bank (PDF).
Consent Order Amendment for JPMorgan Chase Bank, N.A. (PDF).
Consent Order Amendment for MetLife Bank, N.A. (PDF).
Consent Order Amendment for PNC Bank, N.A. (PDF).
Consent Order Amendment for Sovereign Bank (PDF).
Consent Order Amendment for U.S. Bank National Association, U.S. Bank National Association ND (PDF).
Consent Order Amendment for Wells Fargo Bank, N.A. (PDF)

OCC and Former OTS Enforcement Actions (Issued April 2011) Show

- Consent Order for Aurora Bank, FSB (PDF).
Consent Order for Bank of America (PDF). - Consent Order for Citibank (PDF).
Consent Orders for EverBank and EverBank Financial Corp. (PDF).
Consent Order for HSBC Bank (PDF).
Consent Order for JPMorgan Chase Bank, N.A. (PDF).
Consent Order for LPS; DocX, LLC; and LPD Default Solutions, Inc. (PDF).
Consent Order for MetLife Bank, N.A. (PDF).
Consent Order for MERSCORP and Mortgage Electronic Registration Systems, Inc. (MERS) (PDF).
Consent Orders for OneWest Bank, FSB and LLC (PDF).
Consent Order for PNC Bank, N.A. (PDF).
Consent Order for Sovereign Bank (PDF).
Consent Order for U.S. Bank National Association, U.S. Bank National Association ND (PDF).
Consent Order for Wells Fargo Bank, N.A. (PDF)
propertywala.com
Engagement Letters Show

The OCC released engagement letters that describe how the independent experts, kept by the servicers, will perform their evaluations and claims procedures in accordance with the OCC's approval orders. See the engagement letters.
wordpress.com

Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was dispersed to more than 3.6 million qualified debtors, representing more than 90 percent of the overall amount available for distribution. 
 Checks related to OCC-regulated banks covered by the IFR Payment Agreement ended December 31, 2016. No [additional checks](http://mambotours.rs) will be provided. 
 In June 2016, the Office of the [Comptroller](https://atworldproperties.co.za) of the Currency (OCC) escheated approximately $270 million to state authorities, in connection with the agency-supervised payments under the Independent Foreclosure Review (IFR) Payment Agreement. The OCC expects to escheat an extra $4 million to state authorities by February 2017 to complete the IFR Payment Agreement program. Eligible debtors and their beneficiaries may claim unclaimed funds bound to them through their states' escheatment procedures. Each state has various timelines, however it may be six months or more after the funds are escheated to the states before the particular state is able to offer payments under their unclaimed residential or commercial property processes. There is no time at all limitation within which eligible people need to request funds under the states' unclaimed funds processes. 
 Foreclosure Prevention Assistance 
 Regulators motivate customers requiring foreclosure prevention help to work directly with their servicer or get in touch with the Homeowner's HOPE Hotline at 888-995-HOPE (4673) (or at Making Home Affordable) to be put in touch with a U.S. Department of Housing and Urban Development authorized nonprofit company that can offer totally free support. 
 In This Section 
 OCC Terminates Foreclosure-Related Consent Orders
Federal Bank Regulators Fine Document Processor $65 Million
EverBank Payment Agreement
Related Reports
Other Related Documents
En Español 
 OCC Terminates Foreclosure-Related Consent Orders 
 Following the confirmation of corrective actions, the OCC has ended foreclosure-related consent orders against the following banks. 
 Termination Order for Bank of America, N.A. (PDF) (June 17, 2015).
Termination Order for Citibank, N.A. (PDF) (June 17, 2015).
Termination Order for PNC Bank, N.A. (PDF) (June 17, 2015).
Termination for EverBank (PDF) (January 5, 2016).
Termination for JPMorgan Chase Bank, N.A. (PDF) (January 5, 2016).
Termination for OneWest (PDF) (July 21, 2015).
Termination for Santander Bank, N.A. (PDF) (February 9, 2016).
Termination for U.S. Bank National Association (PDF) (February 9, 2016).
Termination for Wells Fargo Bank, N.A. (PDF) (May 24, 2016).
Termination for HSBC Bank USA, N.A. (PDF) (January 9, 2017) 
 Foreclosure-related authorization orders against Aurora Bank, FSB, and MetLife Bank, N.A., were terminated formerly by [operation](https://propcart.co.ke) of law after these organizations stopped to run as managed, guaranteed depository institutions. 
 Federal Bank Regulators Fine Document Processor $65 Million 
 The federal banking companies fined ServiceLink Holdings, LLC (ServiceLink Holdings), $65 million for incorrect actions by its predecessor company, Lender Processing Services, Inc. (LPS), which led to significant deficiencies in the foreclosure-related services that LPS supplied to mortgage servicers. 
 Civil Money Penalty Order (PDF) (January 24, 2017) 
 IFR Payment Agreement 
 Agencies Announce Reissuance of Checks Related to the Independent Foreclosure Review.
Foreclosure-Related Consent Orders Status Report April 2014.
Report on [Independent Foreclosure](https://sigmarover.com) Review Payment Data.
Minimum Standards for Prioritization and Handling Borrower Files with Imminent Foreclosure Sale.
Payments begin April 12.
IFR Payment Agreement [Details](https://slinfradevelopers.com).
Amendments to April 2011 Enforcement Actions.
Comptroller Speech.
Payment Agreement Announcement.
Original Enforcement Actions 
 EverBank Payment Agreement 
 EverBank Amended Order.
EverBank Consents To Pay $37 Million.
EverBank FAQs 
 Related Reports 
 Foreclosure-Related Consent Orders Status Report: Observations, Payments, and Foreclosure Prevention [Assistance](https://glorycambodia.com) (April 2014) - On April 30, 2014, the OCC released a report on IFR Payment Agreements that offers data on the status of payments and foreclosure avoidance assistance along with a conversation of observations from the reviews.
Report on Independent Foreclosure Review Payment Data (May 2013) - This report offers information on IFR payments by state as of May 31, 2013.
Interim Status Report: Foreclosure-Related Consent Orders (June 21, 2012) - The OCC released its 2nd interim report on the status of the IFR and actions required by authorization orders released in April 2011 to correct lacking [mortgage servicing](https://www.rentiranapartment.com) and foreclosure processes.
Interagency Review of Foreclosure Policies and Practices (April 2011) - The OCC, the Board of Governors of the Federal Reserve System, and the OTS performed interagency assessments in the 4th quarter of 2010 and released a summary of findings in April 2011. 
 Other Related Documents 
 - Expand All.
- Collapse All 
 Enforcement [Acton Amendments](https://www.proptisgh.com) Implementing Business Restrictions Against Certain Banks (Issued June 2015) Show 
 On June 17, 2015, the OCC revealed specific business constraints related to mortgage maintenance activities of EverBank; HSBC Bank USA, N.A.; JPMorgan Chase Bank, N.A.; Santander Bank, National Association; U.S. Bank National Association; and Wells Fargo Bank, N.A. These constraints varied based on the specific situation of each bank. 
 Amended Consent Orders for EverBank (June 17, 2015) (PDF).
Amended Consent Orders for HSBC Bank USA, N.A. (June 17, 2015) (PDF).
Amended Consent Orders for JPMorgan Chase Bank, N.A. (June 17, 2015) (PDF).
Amended Consent Orders for Santander Bank, National Association (June 17, 2015) (PDF).
Amended Consent Orders for U.S. Bank National Association (June 17, 2015) (PDF).
Amended Consent Orders for Wells Fargo Bank, N.A. (June 17, 2015) (PDF) 
 Enforcement Action [Amendments](https://pointlandrealty.com) for Servicers Entering the IFR Payment Agreement (Issued February 2013) Show 
 - Consent Order Amendment for Aurora Bank, FSB (PDF).
- Consent Order Amendment for Bank of America (PDF).
- Consent Order Amendment for Citibank (PDF).
- Consent Order Amendment for EverBank (PDF) (released 10/16/2013).
- Consent Order Amendment for HSBC Bank (PDF).
- Consent Order Amendment for JPMorgan Chase Bank, N.A. (PDF).
- Consent Order Amendment for MetLife Bank, N.A. (PDF).
- Consent Order Amendment for PNC Bank, N.A. (PDF).
- Consent Order [Amendment](https://lewisandcorealty.ca) for Sovereign Bank (PDF).
- Consent Order Amendment for U.S. Bank National Association, U.S. Bank National [Association](https://michigancountryrealestate.com) ND (PDF).
- Consent Order Amendment for Wells Fargo Bank, N.A. (PDF) 
 OCC and Former OTS Enforcement Actions (Issued April 2011) Show 
 - Consent Order for Aurora Bank, FSB (PDF).
- Consent Order for Bank of America (PDF).
[- Consent](https://ffrealestate.com.do) Order for Citibank (PDF).
- Consent Orders for EverBank and EverBank Financial Corp. (PDF).
- Consent Order for HSBC Bank (PDF).
- Consent Order for JPMorgan Chase Bank, N.A. (PDF).
- Consent Order for LPS; DocX, LLC; and LPD Default Solutions, Inc. (PDF).
- Consent Order for MetLife Bank, N.A. (PDF).
- Consent Order for MERSCORP and Mortgage Electronic Registration Systems, Inc. (MERS) (PDF).
- Consent Orders for OneWest Bank, FSB and LLC (PDF).
- Consent Order for PNC Bank, N.A. (PDF).
- Consent Order for Sovereign Bank (PDF).
- Consent Order for U.S. Bank National Association, U.S. Bank National Association ND (PDF).
- Consent Order for Wells Fargo Bank, N.A. (PDF) [propertywala.com](http://info.propertywala.com/blog/)
 Engagement Letters Show 
 The OCC released engagement [letters](https://www.horizonsrealtycr.com) that describe how the independent experts, kept by the servicers, will perform their evaluations and claims procedures in accordance with the OCC's approval orders. See the engagement letters. [wordpress.com](https://gatewayinvestmentsuk.wordpress.com/)