The Office of the Comptroller of the Currency (OCC) announced the second wave of payments resulting from the foreclosure settlement with federal regulators and 13 servicers was sent Friday.
The most recent batch of relief payments includes 1.4 million checks totaling $1.2 billion. So far, 2.8 million checks amounting to $2.4 billion have been sent.
The OCC also stated that as of April 18, 434,484 checks valuing $419 million have been cashed or deposited.
In January of this year, 13 servicers agreed to provide $3.6 billion in cash payments to borrowers and another $5.7 billion in mortgage assistance. The agreement replaces the Independent foreclosure Review, which was required after 14 servicers were handed consent orders for deficient servicing and foreclosure practices.
Borrowers who do have questions regarding payments should contact Rust Consulting, the paying agent, at 1-888-952-9105. The Fed revealed some early recipients had issues with cashing checks from the first batch sent April 12, but the Fed stated the problems had been corrected.
About 4.2 million borrowers should expect to receive a check, and 90 percent of the payments are scheduled for delivery by the end of this month.