Board of Governors of the Federal Reserve System

mortgage loan
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PLEASE NOTE: As of July 2013, the Independent Foreclosure Review (IFR) ended at all mortgage servicers supervised by the Federal Reserve that were subject to foreclosure-related enforcement actions. The mortgage servicers reached an agreement in principle with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to provide approximately $10 billion in cash payments and other assistance to help borrowers. As of January 2017, the IFR Payment Agreement has concluded. The Federal Reserve has published a report providing final data on the cash payments made and the foreclosure prevention assistance provided under the Payment Agreement. More information regarding the Payment Agreement can be found here.

January 12, 2018 Update: The Federal Reserve Board announced the termination of enforcement actions related to residential mortgage loan servicing and foreclosure processing issued in 2011 and 2012 against 10 banking organizations. The 10 banking organizations are: Ally Financial Inc. (GMAC Mortgage); Bank of America; CIT Group, Inc. (as successor to IMB HoldCo LLC / OneWest); Goldman Sachs (Litton Loan Servicing LP); HSBC; JPMorgan Chase (EMC Mortgage); Morgan Stanley (Saxon Mortgage), PNC; SunTrust; and U.S. Bancorp. The actions required the firms to improve oversight of residential mortgage loan servicing and to correct deficiencies in residential mortgage loan servicing and foreclosure processing. More information regarding the termination of the enforcement actions can be found here.

Background and History

The Federal Reserve Board issued enforcement actions against four large mortgage servicers--GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage, and EMC Mortgage Corporation--in April 2011. Under those actions, the four servicers were required to retain independent consultants to review foreclosures that were initiated, pending, or completed during 2009 or 2010. The review was intended to determine if borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies that may have occurred during the foreclosure process. In September 2011 and April 2012, the Federal Reserve Board issued similar enforcement actions against Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.). 1

A number of servicers supervised by the Office of the Comptroller of the Currency (OCC) were also required to conduct independent reviews. (See below for the full list of servicers.)

The deadline to request an independent review was December 31, 2012.

Eligibility for Independent Foreclosure Review

Borrowers were eligible for an independent foreclosure review if they met the following criteria:

the property securing the loan was the borrower's primary residence;
the mortgage was in the foreclosure process (initiated, pending, or completed) at any time between January 1, 2009, and December 31, 2010; and
the mortgage was serviced by one of the following mortgage servicers:

America's Servicing Company*	Countrywide*	National City Mortgage*
Aurora Loan Services*	EMC Mortgage Corporation*	PNC Mortgage*
BAC Home Loans Servicing*	EverBank/EverHome Mortgage Company*	Sovereign Bank*
Bank of America*	Financial Freedom (OneWest)	SunTrust Mortgage*
Beneficial*	GMAC Mortgage*	U.S. Bank*
Chase*	HFC*	Wachovia Mortgage*
Citibank*	HSBC*	Washington Mutual (WaMu)*
CitiFinancial*	IndyMac Mortgage Services (OneWest)	Wells Fargo Bank, N.A.*
CitiMortgage*	MetLife Bank*	Wilshire Credit Corporation*

*These companies are participating in the Payment Agreement.

Eligible borrowers were sent a Request for Review form by mail starting in November of 2011 when the program launched.

If a borrower previously filed a complaint with these servicers about foreclosures pending during the review period, they were still eligible to file for an independent review of their foreclosure.

There were no costs associated with being included in the review; the review was a free program. Borrowers should beware of anyone requiring payments for assistance in connection with the Independent Foreclosure Review or any other foreclosure assistance program.

Federal Reserve's Role

The Federal Reserve's role is to ensure compliance with the enforcement actions issued in April and September of 2011 and April of 2012, including the payment process under the agreement in principle announced in January of 2013.

OCC and Federal Reserve examiners are continuing to closely monitor the servicers' implementation of plans required by the enforcement actions to correct the unsafe and unsound mortgage servicing and foreclosure practices.

More information on the Payment Agreement.