EverBank to Pay $37M to Borrowers Under 'Foreclosure Review' Deal

EverBank to Pay $37M to Borrowers Under 'Foreclosure Review' DealFederal regulators said EverBank has agreed to pay $37 million in cash payments to more than 32,000 eligible mortgage borrowers after the Jacksonville, Florida-based lender effectively ended its part in the Independent Foreclosure Review.
Borrowers whose homes were in any stage of foreclosure in 2009 and 2010 with EverBank will receive cash compensation. Payments will range from $1,050 to $125,000, “plus equity, where appropriate,” according to the Office of the Comptroller of the Currency (OCC).
Eligible borrowers will be contacted directly by a third-party paying agent.
Eligible borrowers will receive compensation whether or not they filed a request for review form, and borrowers do not need to take further action to be eligible for compensation, the OCC said.
In addition to the payments, EverBank will pay about $6.3 million to organizations “certified by the U.S. Department of Housing and Urban Development or other tax-exempt organizations that have as a principal mission providing affordable housing, foreclosure prevention and/or educational assistance to low- and moderate-income individuals and families,” the OCC said.
After long-delayed and controversial Independent Foreclosure Review (IFR) was scrapped in January, the OCC and the Federal Reserve entered into amendments to orders with Aurora Bank, Bank of America, Citibank, GMAC Mortgage, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.
So far, OneWest Bank is the only mortgage servicer that is still under the initial foreclosure review process. Late last month, GMAC Mortgage abandoned the IFR and agreed to pay $9.6 billion in compensation and mortgage relief.
As of August 22, 2013 almost all of the 4.2 million checks (not including the EverBank payouts) — totaling $3.6 billion — have been issued as a result of the IFR.
However, about $2.7 billion in checks have been cashed or deposited.
Because checks were issued with a 90-day expiration, the majority of these checks that have not been cashed or deposited have begun to expire.
Borrowers wishing to cash checks that have expired can contact Rust Consulting, the IFR’s paying agent, to request a new check at 1-888-952-9105.

2 thoughts on “EverBank to Pay $37M to Borrowers Under 'Foreclosure Review' Deal

  • September 8, 2013 at 9:04 am
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    Independent Foreclosure Review Payment Checks not sent out as promised!!!!
    The Paying Agent “Rust Consulting” in conjunction with OCC have issued a number of press releases and updates on the payments made and to be made under this program; However Rust Consulting has not lived up to these promises and now can offer no explanation, nor any update as of September 4th as to when these eligible Claimants checks will be mailed.
    In the Spring requests for 1099 information were mailed and the one for Linda Gxxx Ref 1813089053 SSN: xxxxx5365 Property Address xxx Harbor Place Unit xxx Dadeville, AL 36853 Bank of America Loan was returned completed on May 6, 2013. In news releases by Rust and OCC it was promised these checks would be mailed to these 37,000 borrowers in July 2013, which did not happen. Without explanation it was then promised buy OCC and Rust that these checks would be mailed so that they would be received before the end of August 2013. THIS AGAIN DID NOT HAPPEN!!
    Phone calls these morning at 8:30 AM this morning to Rust and in a discussion with Keith confirmed this check would go out at some point, but had not and he could give no explanation nor could he say when it would go out except to say in the Fall of this year. HE CONFIRMED THAT THEY HAD ALL THE INFORMATION REQUIRED; IT’S JUST THAT IT DIDN”T HAPPEN AND NO NEW DATE HAD BEEN SET FOR THE MAILING!
    37,000 people need your help!
    Please, please investigate this problem and help me and the others to get our checks mailed from Rust.
    Thanks you,
    Linda Gxxx
    G6290@aol.com
    September 4, 2013 9:45 AM

  • September 24, 2013 at 11:56 am
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    Independent Foreclosure Review 37,000 still waiting!!
    Linda N. GXXX Ref 1813089053 SSN: xxxxx5365 Property Address XXXXHarbor Place Unit XXXX Dadeville, AL 36853 Bank of America Loan
    How is this possible???
    • On May 5, 2013 I mailed my 1099 received from your offices as well as a copy of the top portion of my 2012 joint tax filing showing my name and social security number as well as my husband’s, because you said you did not have my social security number so you could send me my check
    • I called in May I and one of your agents confirmed they now had everything they needed, including my social security number.
    • This was reconfirmed in June and then again in July.
    • In August I was told that I would get my check by no later than the 31st. I was told that if I didn’t get by then to call back and they would reissue the check.
    • Then: on Sept 10th I was told my check was being held up in the Department that validates social security numbers. I asked and was transferred to a supervisor “Jamaal” and I asked to find out why.
    • On September 10th I got another call from Abigail in the Social Security Validation Group who wanted to confirm my middle initial. I confirmed to her it was an “N” for Nottleman just as it shows on the Tax Return information I enclosed with the 1099 in May of 2013. She told me that THIS WAS NOW CLEARED UP AND THE CHECK WOULD BE PROCESSED on FRIDAY September the 13th.
    • On September 19th I called again and talked to a representative in the Second Tear Office again, who told me the records show the payment is still being held up in the Social Security Number Group. And, that was nothing she could do for me except put me in her weekly update call system.
    • I DON”T UNDERSTAND!!!!!!!!!
    • Please, please have someone that can cut through all your system and give me a straight answer.
    • 37,000 people need help!

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