Today, the Office of the Comptroller of the Currency (OCC) announced that at the end of 2015, it will escheat unclaimed Independent Foreclosure Review (IFR) funds to the states so that claimants will be able to receive their funds in the future. You may recall that the IFR settlement identified 3.2 million individuals who were eligible to receive a payment from several large mortgage servicers as a result of practices leading up to and during the financial crisis. To date, the OCC has successfully contacted over 90 percent of these individuals; however, approximately $280 million of these funds are still unclaimed.
If your clients were servicing customers of Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, or Wells Fargo during the financial crisis, they may be eligible to receive payment under this settlement.
Most clients who are owed money through the IFR settlement process can receive their payment by contacting the paying agent, Rust Consulting, at 1-888-952-9105. Although Rust will honor claims for checks that are more than 90 days old, the OCC advises these clients to first contact Rust Consulting before attempting to cash their check in order to avoid any difficulties with their financial institution. Customers of Everbank should contact Epiq at 1-877-819-9754.
After December 31st, 2015, any remaining IFR settlement funds will be escheated to the states. For details on how clients can claim their funds after January 1, 2016, clients should visit the Office of the Comptroller of the Currency website.