Sonoma County, California–In the Mail–LOOK FOR–FREE, legitmate “Independent Foreclosure Review”,…Don’t throw this one away. You could be eligible for up to $125,000 in compensation! The information below from The Office of the Comptroller of the Currency will explain the process. This is a FREE review. DO NOT pay someone to review your loan, or foreclosure.
Correcting Foreclosure Practices
Updated November 2, 2012
On April 13, 2011, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision announced enforcement actions against 14 large residential mortgage servicers and two third-party vendors for unsafe and unsound practices related to residential mortgage servicing and foreclosure processing.
Independent Foreclosure Review–Apply by Dec 31, 2012 a MUST!
As part of those consent orders, federal regulators required servicers to engage independent firms to conduct a multi-faceted review of foreclosure actions in process in 2009 and 2010. Under the orders, independent consultants are charged with evaluating whether borrowers suffered financial injury through errors, misrepresentations, or other deficiencies in foreclosure practices and determining appropriate remediation for those customers. Where a borrower suffered financial injury as a result of such practices, the agencies’ orders require financial remediation to be provided.
As part of that program, the 14 mortgage servicers covered by the enforcement actions will begin mailings November 1, 2011 that will continue through the end of the year. The mailings are intended to provide information to potentially eligible borrowers on how to request a review of their case if they believe they suffered financial injury as a result of errors, misrepresentations, or other deficiencies in foreclosure proceedings related to their primary residence between January 1, 2009 and December 31, 2010. The mailings will include a request for review form.
Borrowers may also visit www.IndependentForeclosureReview.com for more information about the review and claim process. Assistance with the form and answers to questions about the process are available at 1-888-952-9105, Monday through Friday from 8 a.m. to 10 p.m. (ET) and Saturday from 8 a.m. to 5 p.m. (ET).
Requests for review must be postmarked or submitted online by December 31, 2012.
Helpful Links about the Independent Foreclosure Review
Official Site (Independent Foreclosure Review Site)
Frequently Asked Questions
Request Form Help Sheet
Tips to Complete the Form
Frequently Asked Questions about the Remediation
Guide to Remediation Framework
Community Group Tool Kit
The third-party consultant will assess whether any errors, misrepresentations, or other deficiencies resulted in financial injury to borrowers. Where a borrower suffered financial injury as a result of such practices, the consent orders require remediation to be provided. During the review, customers may be contacted by mortgage servicers for additional information at the direction of the independent consultant.
Agencies Publish Financial Remediation Framework
On June 21, 2012, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System released a financial remediation framework that provides examples of errors in foreclosures covered by the regulators’ consent orders that require compensation or other remediation as directed in the regulators’ April 2011 orders. The consultants will use the framework to recommend remediation for financial injury identified during the Independent Foreclosure Review. The servicers will prepare remediation plans based on the consultants’ recommendations. The federal banking regulators must approve each servicer’s remediation plan. The framework helps ensure that similarly situated borrowers receive similar treatment.
- Borrowers Quick Reference Guide to the Financial Remediation Framework
- The Financial Remediation Framework
- Detailed Questions and Answers
Eligibility for Review
To be eligible, the mortgage must have been active in the foreclosure process between January 1, 2009, and December 31, 2010, the property securing the loan must have been the primary residence, and the mortgage must have been serviced by one of the following mortgage servicers:
Request for Review Reponse Data
The OCC and Federal Reserve have released data on the number of eligible borrowers who have requested a review by state and county. Click to view that data.
The OCC also released engagement letters that describe how the independent consultants, retained by the servicers, will conduct their file reviews and claims processes to identify borrowers who suffered financial injury as a result of deficiencies identified in the OCC’s consent orders. See the engagement letters.
On June 21, 2012, the OCC released its second interim report on the status of the Independent Foreclosure Review and actions required by consent orders issued in April 2011 to correct deficient mortgage servicing and foreclosure processes. Read the report.
Frequently Asked Questions
Consumers may have a number of questions regarding how these enforcement actions may affect them. The OCC has provided answers to some of the most anticipated questions in these frequently asked questions.
Resources for Housing Counselors
The OCC with the the Board of Governors of the Federal Reserve System, recently held a training webinar to provide information to housing counselors, legal aid attorneys, and other advisors assisting borrowers with completing the Request for Review form for the Independent Foreclosure Review process. The archive of the closed-captioned webinar is now available for download on the Federal Reserve Web site. The accompanying presentation slides and event transcript are posted in English and Spanish. The webinar materials highlight key information for borrowers to complete the request for review form, including the importance of returning the form signed, a critical step for requesting a review.
- View the webinar on the Federal Reserve site
- View slides in English
- View slides in Spanish
- View Spanish Transcript
To promote awareness of the Independent Foreclosure Review and in addition to direct mail, regulators required servicers to conduct advertising that included national publications as well as publications that serve minority and Spanish speaking audiences. Supplementing this effort, the OCC sponsored two rounds of public service advertising distributed to 10,000 small publications and 6,500 small radio stations throughout the country. View PSA material from the OCC. In addition, the Federal Reserve released a public service video explaining how to apply for a review.
About the Enforcement Actions
The enforcement actions were based on interagency examinations conducted in the fourth quarter of 2010. A summary of the findings of the interagency reviews is available in the Interagency Review of Foreclosure Policies and Practices, which was produced by the OCC, the Board of Governors of the Federal Reserve System, and the OTS.
Links to the OCC and former OTS Enforcement Actions:
- Consent Order for Aurora Bank, FSB
- Consent Order for Bank of America
- Consent Order for Citibank
- Consent Orders for EverBank and EverBank Financial Corp.
- Consent Order for HSBC Bank
- Consent Order for JPMorgan Chase Bank, N.A.
- Consent Order for LPS; DocX, LLC; and LPD Default Solutions, Inc.
- Consent Order for MetLife Bank, N.A.
- Consent Order for MERSCORP and Mortgage Electronic Registration Systems, Inc. (MERS)
- Consent Orders for OneWest Bank, FSB and IMB HoldCo LLC
- Consent Order for PNC Bank, N.A.
- Consent Order for Sovereign Bank
- Consent Order for U.S. Bank National Association, U.S. Bank National Association ND
- Consent Order for Wells Fargo Bank, N.A.
- Frequently Asked Questions Regarding the Independent Foreclosure Review
- Interagency Review of Foreclosure Policies and Practices
- OCC News Release 2011-47, “OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound Foreclosure Practices”
- Federal Reserve News Release
- OTS News Release 11-008