Over 1M Foreclosure Review Checks Cashed; 3rd Round Sent

A third round of 927,000 foreclosure review checks was sent out Friday, the ""Office of the Comptroller of the Currency"":http://www.occ.gov/ (OCC) announced.

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The most recent batch of checks is valued at $794 million.

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As of April 25, 1,150,328 recipients have cashed or deposited $1.1 billion in checks from the foreclosure settlement reached in January with federal regulators and 13 servicers.

The servicers--Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo-agreed to provide $3.6 billion in cash payments, along with $5.7 billion in mortgage assistance. The agreement replaces the Independent Foreclosure Review first required through consent orders issued by federal regulators.

So far, more than 3.7 million checks worth $3.2 billion have been mailed off to eligible borrowers under the settlement. The ""first wave"":http://dsnews.comarticles/first-wave-of-payments-from-foreclosure-settlement-scheduled-april-12-2013-04-09 of payments was sent on April 12. The last batch of checks is expected to be sent in mid-July.

The OCC advised borrowers to direct their questions to Rust Consulting, the paying agent, at 1-888-952-9105.