Independent Foreclosure Review
Authored By: Legal Aid Services of Oklahoma, Inc.
- Link to the Federal Reserve Board's Enforcement Action Page and Agreement with Servicers Information Link to the Independent Foreclosure Review Home Page - Online Submission for most services is closed. The process remains for three servicers: Ally, Everbank and OneWest. Link to FAQ's about Independent Foreclosure Review Link to Borrowers' Quick Reference Guide to the Financial Remediation Framework
Link to the Federal Reserve Board's Enforcement Action Page and Agreement with Servicers: www.federalreserve.gov
As part of consent orders with federal bank regulators, the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS), and the Board of Governors of the Federal Reserve System (FRB), the Independent Foreclosure Review was established to determine whether eligible homeowners suffered financial injury because of errors or other problems during their home foreclosure process between January 1, 2009 and December 31, 2010.
In January 2013, an agreement between 11 mortgage servicers and Federal bank regulators was reached that will end the Independent Foreclosure Review for those participating servicers and will result in all of the eligible borrowers for those servicers receiving a payment under the Agreement. This agreement includes Aurora, Bank of America, Citibank, JPMorgan Chase, HSBC, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, Wells Fargo and their affiliates or acquired loan servicing companies.
The Independent Foreclosure Review Process continues for the following servicers at this time: Ally, Everbank and OneWest.
The submission window is closed. Homeowners who believed they were eligible to participate in the program were required to complete and submit a Request for Review Form no later than December 31, 2012. No action is required by eligible borrowers to receive payment under the recent Agreement.
For questions, call 1-888-952-9105.
Monday through Friday, 8 am - 10 pm ET or Saturday, 8 am - 5 pm ET