Correcting Foreclosure Practices
OCC to Escheat Remaining Foreclosure Review Funds, Completes Payment Program
Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was distributed to more than 3.6 million eligible borrowers, representing more than 90 percent of the total amount available for distribution.
Checks related to OCC-regulated banks covered by the IFR Payment Agreement expired December 31, 2016. No additional checks will be issued.
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 additional $4 million to state authorities by February 2017 to complete the IFR Payment Agreement program. Eligible borrowers and their heirs may claim unclaimed funds obligated to them through their states' escheatment processes. Each state has different timelines, but it may be six months or more after the funds are escheated to the states before the respective state is able to provide payments under their unclaimed property processes. There is no time limit within which eligible individuals must request funds under the states' unclaimed funds processes.
Foreclosure Prevention Assistance
Regulators encourage borrowers needing foreclosure prevention assistance to work directly with their servicer or contact 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 approved nonprofit organization that can provide free assistance.
In This Section
- OCC Terminates Foreclosure-Related Consent Orders
- Federal Bank Regulators Fine Document Processor $65 Million
- IFR Payment Agreement
- EverBank Payment Agreement
- Related Reports
- Other Related Documents
- En Español
OCC Terminates Foreclosure-Related Consent Orders
Following the verification of corrective actions, the OCC has terminated 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 consent orders against Aurora Bank, FSB, and MetLife Bank, N.A., were terminated previously by operation of law after these institutions ceased to operate as regulated, insured depository institutions.
Federal Bank Regulators Fine Document Processor $65 Million
The federal banking agencies fined ServiceLink Holdings, LLC (ServiceLink Holdings), $65 million for improper actions by its predecessor company, Lender Processing Services, Inc. (LPS), which resulted in significant deficiencies in the foreclosure-related services that LPS provided 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
- PSA: $9.3 Billion in Payments to Begin in April 2013
- Payment Agreement FAQs
- Amendments to April 2011 Enforcement Actions
- Comptroller Speech
- Payment Agreement Announcement
- Original Enforcement Actions
- Visit the Paying Agent Website
- Tax Information
EverBank Payment Agreement
- EverBank Amended Order
- EverBank Agrees 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 provides data on the status of payments and foreclosure prevention assistance as well as a discussion of observations from the reviews.
- Report on Independent Foreclosure Review Payment Data (May 2013) - This report provides data on IFR payments by state as of May 31, 2013.
- Interim Status Report: Foreclosure-Related Consent Orders (June 21, 2012) - The OCC released its second interim report on the status of the IFR and actions required by consent orders issued in April 2011 to correct deficient 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 conducted interagency examinations in the fourth quarter of 2010 and published a summary of findings in April 2011.
Other Related Documents
Enforcement Acton Amendments Implementing Business Restrictions Against Certain Banks (Issued June 2015) Show
On June 17, 2015, the OCC announced certain business restrictions related to mortgage servicing 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 restrictions varied based on the particular circumstance 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) (issued 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 IMB HoldCo 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)
Engagement Letters Show
The OCC released engagement letters that describe how the independent consultants, retained by the servicers, will conduct their reviews and claims processes in accordance with the OCC's consent orders. See the engagement letters.
En Español
- Los pagos a 4.2 millones de prestatarios cubiertos por el acuerdo de ejecución hipotecaria comenzará el 12 de abril
- Enmiendas a medidas de consentimiento asientan acuerdo sobre ejecuciones hipotecarias por valor de $9,300 millones
- Preguntas más frecuentes
- La Sistema de Reparación Financiera
- Las Preguntas Frecuentes Sobre la Sistema de Reparación Financiera
- Guía de Consulta Rápida Sobre la Sistema de Reparación Financeria
