As of Aug. 1, nearly three million people have cashed or deposited more than $2.6 billion in checks issued under the Independent Foreclosure Review Payment Agreement.
The payments are a result of agreements between 13 servicers, the OCC and the Federal Reserve to provide $3.6 billion in payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010.
Servicers involved in the agreement include Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank and Wells Fargo.
Nearly all of the 4.2 million checks associated with the payment agreement have been issued, with the remaining 37,000 to be sent later this summer.
GMAC Mortgage also reached an agreement with federal regulators in July, resulting in an additional $230 million in payments to be sent to 232,000 borrowers.
The IFR is currently working through the review process with Financial Freedom, Everbank/EverHome Mortgage Co. and OneWest Bank/IndyMac Mortgage Services.