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Independent Foreclosure Review - FAQ

1. WHAT IS THIS AGREEMENT ABOUT? I JUST HEARD/READ SOMETHING ABOUT WHAT COMPENSATION MAY BE PROVIDED TO CONSUMERS. WHERE CAN I GET OR FIND MORE INFORMATION ABOUT THE AGREEMENT AND PAYMENTS THAT I READ ABOUT IN THE PRESS?
In January 2013, an Agreement between 13 mortgage servicers and federal banking regulators were reached that ended the Independent Foreclosure Review program for those servicers. At this time, the Independent Foreclosure Review continues for Ally/GMAC Mortgage, EverBank, and OneWest Bank/IndyMac Mortgage Services. The Agreement includes an estimated $3.6 billion dollars in cash payments to be distributed to borrowers whose primary residence was involved in a foreclosure process in 2009 or 2010 at one of the participating servicers. The Agreement includes an additional $5.7 billion dollars in other foreclosure prevention assistance, such as loan modifications and forgiveness of deficiency judgments. You can find additional information about the Agreement on the Office of the Comptroller of the Currencys website, www.occ.gov or the Federal Reserves website, www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm.

2. HOW DO I KNOW IF I AM COVERED BY THE AGREEMENT AND WILL RECEIVE A PAYMENT UNDER THE AGREEMENT?
You are covered by the Agreement and will receive a payment if your primary residence was involved in a foreclosure action between the dates of January 1, 2009 and December 31, 2010 while your mortgage was serviced by one of the servicers participating in the Agreement. The participating servicers are: Aurora, Bank of America, Citibank, HSBC, JPMorgan Chase, Goldman Sachs/Litton Loan Servicing, MetLife Bank, PNC, Morgan Stanley/Saxon Mortgage Services, Sovereign, SunTrust, US Bank, and Wells Fargo.

3. WHAT KINDS OF FORECLOSURE ACTIONS WERE PART OF THE INDEPENDENT FORECLOSURE REVIEW? DO I QUALIFY FOR THE AGREEMENT EVEN IF MY HOUSE DID NOT GO ALL THE WAY THROUGH A FORECLOSURE SALE?
Foreclosure actions include any of the following events that took place related to a primary residence between the dates of January 1, 2009 and December 31, 2010: The property was sold due to a foreclosure judgment. The mortgage loan was referred into the foreclosure process but was removed from the process because payments were brought up-to-date or the borrower entered a payment plan or modification program. The mortgage loan was referred into the foreclosure process, but the home was sold or the borrower participated in a short sale or chose a deed-in-lieu or other program to avoid foreclosure. The mortgage loan was referred into the foreclosure process and remains delinquent but the foreclosure sale has not yet taken place. Your mortgage loan may be covered by the Agreement even if your property did not go all the way through foreclosure sale.

4. AM I COVERED BY THE AGREEMENT EVEN THOUGH I DID NOT SUBMIT A REQUEST FOR REVIEW FORM? IS IT TOO LATE TO REQUEST A FORM?
Under the Agreement, borrowers whose mortgage loans were serviced by one of the 13 participating servicers and who were involved in a foreclosure action between January 1, 2009 and December 31, 2010 will receive compensation even if a request for review form was not submitted by the December 31, 2012 deadline.

5. DOES RECEIVING AN AGREEMENT PAYMENT PREVENT ME FROM TAKING OTHER ACTION AGAINST MY SERVICER?
No. Receiving a payment under the Agreement will not prevent you from taking any other actions against your servicer regarding your foreclosure.

6. DO I NEED TO DO ANYTHING TO BENEFIT FROM THIS AGREEMENT?

No. If you are covered by the Agreement, no further action is required on your part. The paying agent will distribute the payments to borrowers on behalf of the servicers. Borrowers covered by the Agreement were first contacted by the paying agent in March, 2013 with payment details. Checks are being mailed to borrowers from April through July, 2013.

7. WILL THIS BE THE ONLY CHECK?

Yes, there will only be one check issued per loan.
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8. I DID NOT RECEIVE A CHECK BECAUSE I RECENTLY MOVED. CAN I HAVE THE PAYMENT SENT TO MY NEW ADDRESS?
You can call 1-888-952-9105 Monday through Friday, 8 a.m.10 p.m. ET or Saturday, 8 a.m.5 p.m. ET to discuss the change of address process.

9. I DID NOT RECEIVE A CHECK. HOW CAN I VERIFY IF I WAS ELIGIBLE TO RECEIVE A PAYMENT UNDER THE AGREEMENT?
You can call 1-888-952-9105 Monday through Friday, 8 a.m.10 p.m. ET or Saturday, 8 a.m.5 p.m. ET to verify if you are eligible to receive a payment.

10. HOW MUCH WILL I RECEIVE IF I DID NOT SUBMIT A FORM? WILL I BE COVERED BY THE AGREEMENT EVEN IF I DID NOT SUBMIT A REQUEST FOR REVIEW FORM?
Borrowers whose primary residence was in a foreclosure action in 2009 or 2010 and whose servicer is participating in the Agreement are covered by the agreement and will receive a payment, even if a request for review form was not submitted by the December 31, 2012 deadline. Federal banking regulators published the categories and payment amounts for each category on their websites www.occ.gov and www.federalreserve.gov.

11. WHAT CAN I DO IF I DISAGREE WITH THE PAYMENT AMOUNT I RECEIVED UNDER THE AGREEMENT?
The payment amount received is considered final, and there is no process to appeal the payment amount distributed to you as a result of the Independent Foreclosure Review Agreement. However, receiving a payment under the Agreement will not prevent you from taking any other action you may wish to pursue related to your foreclosure. Your servicer is not permitted to ask you for a waiver of any legal claims you may have against your servicer in connection with receiving this payment.

12. CAN I OBJECT TO THIS SETTLEMENT?

There is no appeal process of the payment amounts distributed to you as a result of the Agreement. However, receiving a payment under the Agreement will not prevent you from taking any other option you may pursue related to your foreclosure. You are also under no obligation to accept the payment.

13. CAN I STILL GET MY HOUSE BACK AS A RESULT OF THIS REVIEW?

The Agreement provides for cash payments to eligible borrowers. Other forms of compensation or remediation are not available under the Agreement. Receiving a cash payment will not prevent you from taking any other actions against your servicer regarding your foreclosure.

14. HOW WERE MILITARY SERVICEMEMBERS AFFECTED BY THE AGREEMENT?

All service members whose mortgage loan was serviced by one of the 13 participating servicers and whose primary residence was in a foreclosure action in 2009 or 2010 were included under the Agreement even if a Request for Review Form was not submitted by the December 31, 2012 deadline.

15. WHAT IS THE SCRA (SERVICEMEMBERS CIVIL RELIEF ACT)? HOW DO I DETERMINE IF I QUALIFY AS HAVING SERVED ON ACTIVE MILITARY SERVICE UNDER THE SCRA?
The Servicemembers Civil Relief Act provides a range of protections for individuals entering or called to active duty in the military and for deployed servicemembers. To learn more you can visit the government website: militarypay.defense.gov/benefits/SCRA.

16. IM STILL WORKING WITH MY BANK TO PREVENT A FORECLOSURE SALE. DOES ACCEPTING THIS PAYMENT AFFECT MY BEING ABLE TO WORK WITH THEM?
No. Continue to work with your servicer. Receiving a payment under the Agreement will not impact any other actions you are taking with your mortgage servicer, including other efforts to prevent a foreclosure sale. The Agreement is not intended to replace current active efforts with your servicer.

17. WILL ACCEPTING A PAYMENT UNDER THE AGREEMENT AFFECT/STOP/DELAY MY FORECLOSURE DATE?
Accepting a payment under the Agreement will not affect, stop, or delay the foreclosure sale date. Continue to work directly with your servicer. Accepting a payment will not affect any other effort you are making with your servicer to prevent a foreclosure sale. The Agreement is not intended to replace current active efforts with your Servicer.

18. WHAT IF I AM WORKING WITH MY SERVICER ON A MODIFICATION OR ANOTHER OPTION TO AVOID FORECLOSURE?
Accepting a payment under the Agreement will not affect any other options you may be approved for or may be pursuing with your Servicer.
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19. HOW DO I KNOW THIS PAYMENT/CHECK I RECEIVED IS LEGITIMATE?

You can visit both the Office of the Comptroller of the Currency and the Federal Reserve websites, which provide more information on the Independent Foreclosure Review and announces the Agreement. The websites are: www.occ.gov and www.federalreserve.gov.

20. WHEN WILL I GET A CHECK AS PART OF THE AGREEMENT?

Borrowers covered by the Agreement are expected to receive a check from the Paying Agent, Rust Consulting by the end of July, 2013.

21. IS THIS A CLASS ACTION SETTLEMENT?

No, this is not a class action settlement. This payment resulted from an agreement reached between banking regulators and your servicer. You can find additional information about the Agreement on the Office of the Comptroller of the Currencys website, www.occ.gov or the Federal Reserves website, www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm.

22. DOES THE AGREEMENT MEAN THAT MY MORTGAGE LOAN FILE WILL NOT BE REVIEWED BY A NEUTRAL PARTY OR INDEPENDENT CONSULTANT?
With the Agreement in place, mortgage loan file reviews being conducted by independent consultants for the participating servicers have stopped. The file review process was replaced with a payment framework allowing eligible borrowers to receive payment more quickly. At this time, the Independent Foreclosure Reviews continue only for Ally/GMAC Mortgage, EverBank, and OneWest Bank/IndyMac Mortgage Services.

23. I DID NOT KNOW I WAS IN FORECLOSURE, WHY DID I RECEIVE A PAYMENT?
You may be covered by the Agreement, and received a payment even if your property did not go all the way through to a foreclosure sale. For example: Your mortgage loan was referred into the foreclosure process but was removed from the process because payments were brought up-todate or you entered a payment plan or modification program. Your mortgage loan was referred into the foreclosure process and remains delinquent but the foreclosure sale has not yet taken place. You sold your home on your own or sold the home as part of a servicer-authorized short sale before the foreclosure action led to a foreclosure sale. You completed the transfer of your deed to your servicer before the foreclosure action led to a foreclosure sale. If you have questions about the current status of your mortgage loan, we encourage you to call your servicer directly about your mortgage concerns.

24. WHERE CAN I FIND MORE INFORMATION ABOUT THE AGREEMENT?

You can find more information about the Agreement at the Office of the Comptroller of the Currencys or the Board of Governors of the Federal Reserve Systems website, www.occ.gov or www.federalreserve.gov.

25. MY SERVICER WAS PART OF THE INDEPENDENT FORECLOSURE REVIEW. WHY WAS MY SERVICER NOT INCLUDED IN THE AGREEMENT?
Certain servicers did not participate in the Agreement. The Independent Foreclosure Review continues for: Ally/GMAC Mortgage, Everbank/EverHome Mortgage Company, and OneWest Bank/IndyMac Mortgage Services.

26. WHAT IS THE INDEPENDENT FORECLOSURE REVIEW ADMINISTRATOR GOING TO DO WITH THE INFORMATION ALREADY PROVIDED? WILL THEY BE DESTROYING THE RECORDS, OR SENDING THE RECORDS BACK TO THE CONSUMER? WILL THE PREVIOUSLY SUBMITTED INFORMATION BE USED TO DETERMINE PAYMENTS?
Information previously submitted by borrowers will be handled according to the Independent Foreclosure Review Privacy Policy that is available at www.independentforeclosurereview.com/PrivacyPolicy.aspx. The handling of all information is subject to the direction of federal banking regulators. The Independent Foreclosure Review Administrator will not destroy any information.

27. HOW WILL THIS PAYMENT AFFECT MY TAX OBLIGATIONS OR PUBLIC ASSISTANCE BENEFITS?
Any payments received under the Agreement may affect a borrowers taxes or public assistance benefits. If you have questions, we suggest you consult a tax advisor or qualified individual or organization. You can also go to www.independentforeclosurereview.com/taxinfo and review the Statement to Eligible Borrowers for some additional tax information.

28. HOW WERE PAYMENTS DETERMINED?

Borrowers were placed into categories based on the type of possible servicer error and the stage of their foreclosure in a process overseen by federal banking regulators. Federal banking regulators, then, determined the payment amount for each category, incorporating input from various
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consumer groups.

29. CAN I GET A COPY OF THE DOCUMENTS USED IN THE DETERMINATION?

Borrowers were placed into categories based on objective loan attributes and the stage of foreclosure in a process overseen by federal banking regulators. Federal banking regulators, then, determined the payment amount for each category. Further information regarding borrower payment categorization is not available from the paying agent, Rust Consulting, Inc.

30. MY MORTGAGE SERVICER WAS LITTON OR SAXON AND I DID NOT COMPLETE A REQUEST FOR REVIEW FORM. SHOULD/CAN I DO THAT STILL?
Litton Loan Servicing and Saxon Mortgage Servicing did not conduct a Borrower Outreach program similar to the other servicers where borrowers were able to submit a request for review form. Borrowers whose primary residence was in a foreclosure action in 2009 or 2010 and whose loan was serviced by Litton Loan Servicing or Saxon Mortgage Servicing are included under the terms of the Agreement even though a request for review form was not submitted.

31. IF I PARTICIPATE, IS THERE A COST?

There is no cost to receive payment under the Agreement. Beware of anyone who asks you to pay a fee in exchange for a service related to the Agreement.

32. IS A MORTGAGE SERVICER THE SAME AS A BANK?

A mortgage servicer is the company that services, or processes, your mortgage loan. The mortgage servicer can be a bank that offers many services, including mortgages, personal finance, checking, or investments. The mortgage servicer can also be a company that offers only mortgage-related services.

33. HOW DO I KNOW WHO SERVICED MY MORTGAGE?

The company you send your monthly mortgage payments to is your mortgage servicer. It is not necessarily the company whose name is on the actual foreclosure documents, although in most cases, it is. If your property has gone through a foreclosure sale and you dont remember who your servicer was, we suggest you look for canceled checks, bank and mortgage statements or other records to find the name of your servicer.

34. WHAT HAPPENS IF I AM NOT COVERED BY THE AGREEMENT?

You can still have your mortgage concerns considered by calling or writing your servicer directly. If you are not satisfied with the response from your servicer, you may also contact the servicers regulator for more information visit the OCC site at www.helpwithmybank.gov or the Federal Reserve site at http://www.federalreserveconsumerhelp.gov . Homeowners may also contact a HUD-approved nonprofit organization that helps homeowners in distress. Information about HUD-approved nonprofit organizations that can provide free assistance is available at www.makinghomeaffordable.gov/get-started/housing-expert or by calling 1-888-995-HOPE (4673).

35. WHO IS THE PAYING AGENT FOR THIS MATTER?

The paying agent for the Agreement is a company called Rust Consulting. Rust Consulting is a neutral third-party independent administrator that focuses on processing requests and answering questions you may have.

36. WILL THE SERVICER TAKE ANY ACTION AGAINST ME OR CAN THE SERVICER DO ANYTHING TO ME IF I ACCEPT PAYMENT UNDER THE AGREEMENT?
Accepting payment under the Agreement in no way authorizes a participating servicer to take action against a borrower covered by the Agreement.

37. WILL MY CREDIT BE HURT BY ACCEPTING THE AGREEMENT PAYMENT?

No, accepting a payment under the agreement will not impact your credit report or any other options you might be pursuing related to your foreclosure.

38. WHAT IS DEFINED AS A PRIMARY RESIDENCE?

A primary residence is the place where a person lives or resides the majority of the calendar year. A primary residence is also the address that would appear on your federal income taxes, your voter registration or any type of license. A person can only have one primary residence at any given time.

39. ARE THE SERVICERS PAYING FOR THIS?

As part of the Agreement with federal banking regulators, the participating servicers are required to pay all administrative costs associated with the Agreement, and the servicers also funded the payments to borrowers.
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40. WHAT OTHER DOCUMENATION WILL BE REQUIRED FOR ME TO GET A PAYMENT?

For most borrowers covered by the Agreement, no additional information will be required for you to receive a payment. In some situations, the paying Agent, Rust Consulting, may need to verify some tax related information with you. If additional information is needed, you will receive a letter from Rust Consulting requesting the information.

41. I JUST READ SOMETHING CALLED THE FINANCIAL REMEDIATION FRAMEWORK. DOES THAT APPLY TO MY SERVICER?
That Framework generally applies to the servicers who are continuing with the Independent Foreclosure Review. The Agreement replaced the Independent Foreclosure Review for those servicers participating in the Agreement.

42. HOW LONG DO I HAVE TO CASH MY CHECK?

You must cash or deposit the check you receive within 90 days of the date it is issued or the check will be void. All borrowers listed on the check must sign it to cash or deposit it.

43. I DONT TRUST MY BANK. CAN I CASH MY CHECK AT ANOTHER BANK?

Yes. You are not restricted to cashing your check at any particular financial institution.

44. I LOST, MISPLACED OR DESTROYED MY CHECK. HOW CAN I HAVE MY CHECK REISSUED/GET A NEW CHECK SENT TO ME?
The reissue process requires that you submit a written request for reissuance. Please call 1-888-952-9105 Monday through Friday, 8 a.m.10 p.m. ET or Saturday, 8 a.m.5 p.m. ET to request a form for reissuance of the check.

45. I CHANGED MY NAME, HOW CAN I UPDATE THAT ON THE CHECK?

Checks are issued to the name or names we have on record. Once you receive the check, if you are unable to negotiate it with your bank, we will have a process established to request a form for reissuance of the check. Please call 1-888-952-9105 Monday through Friday, 8 a.m.10 p.m. ET or Saturday, 8 a.m.5 p.m. ET to request a form for reissuance of the check.

46. THE PERSON LISTED ON THE CHECK IS DECEASED. HOW CAN I HAVE A CHECK REISSUED TO ME AS THE BENEFICIARY/EXECUTOR/POWER OF ATTORNEY/ETC.?
The reissue process requires that you provide documentation regarding the deceased borrowers estate and that you are a beneficiary. Please call 1-888-952-9105 Monday through Friday, 8 a.m.10 p.m. ET or Saturday, 8 a.m.5 p.m. ET to request a form for reissuance of the check.

47. WILL THIS PAYMENT AFFECT MY BANKRUPTCY?

You should contact the attorney assisting you with your bankruptcy filing, if any, to discuss your individual situation.

48. WERE DIVORCED, WHO GETS THE CHECK? WHAT ADDRESS DO YOU USE?
All borrowers on the loan will be listed on the check. We will mail the check to the address in our files as of March 1, 2013.

49. WERE DIVORCED OR SEPARATED; CAN WE GET SEPARATE CHECKS?

No, only one check will be issued per loan. The check was issued to all borrowers named on the loan and all borrowers must sign the check to cash or deposit it.

50. HOW WILL CASHING THIS PAYMENT AFFECT MY TAX REPORTING?

Cashing or depositing the check may affect your taxes. We cannot advise you on your tax liability, if applicable. The letter you receive with your check should indicate the amount which may be reportable as income to the IRS and State Tax Authorities. Tax Forms will be sent in January of next year. You can go to www.independentforeclosurereview.com/taxinfo and review the Statement to Eligible Borrowers for some additional tax information.

51. WHAT HAPPENS IF I DONT CASH THE CHECK?

You are under no obligation to cash the payment. The federal banking regulators will determine what will be done with payments that are not cashed or deposited. We do not have any additional details at this time on what will happen with those funds.

52. IF I DONT CASH THE CHECK, CAN IT STILL AFFECT MY DISABILITY/OTHER BENEFITS?
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Cashing or depositing the check may affect your disability or other benefits. If you have questions, we suggest you consult the organization from which you receive benefits for further information.

53. DID YOU SEND ME A 1099 FORM WITH THIS CHECK? WILL YOU SEND ME A 1099 FORM?
Tax documents, such as 1099s or 1098s or other applicable forms will be mailed to borrowers in January of 2014. Also, please review the Statement to Eligible Borrowers that is linked on the website, www.independentforeclosurereview.com/taxinfo and consult a tax advisor to determine the potential tax consequences and appropriate tax treatment for your individual situation.

54. WHAT IS THE STATEMENT TO ELIGIBLE BORROWERS?

The Statement to Eligible Borrowers can be found at www.independentforeclosurereview.com/taxinfo. It provides information that may help you assess the possible federal income tax consequences of your payment. If you require advice regarding your individual situation, please consult a tax professional because we cannot provide individual tax advice.

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