6/22/13

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 Currency’s website, www.occ.gov or the Federal Reserve’s 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.
https://independentforeclosurereview.com/Faqs_settled.aspx 1/6

m. receiving a payment under the Agreement will not prevent you from taking any other option you may pursue related to your foreclosure.occ. Receiving a cash payment will not prevent you from taking any other actions against your servicer regarding 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.defense. 15.–5 p. stop. 11. 10. https://independentforeclosurereview. 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. The Agreement is not intended to replace current active efforts with your Servicer. 14. Continue to work directly with your servicer.–10 p. ET or Saturday. I DID NOT RECEIVE A CHECK BECAUSE I RECENTLY MOVED. 13.m. 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. CAN I HAVE THE PAYMENT SENT TO MY NEW ADDRESS? You can call 1-888-952-9105 Monday through Friday. WHAT CAN I DO IF I DISAGREE WITH THE PAYMENT AMOUNT I RECEIVED UNDER THE AGREEMENT? The payment amount received is considered final. 2012 deadline. 8 a.m. ET to discuss the change of address process. However.gov.m. CAN I STILL GET MY HOUSE BACK AS A RESULT OF THIS REVIEW? The Agreement provides for cash payments to eligible borrowers. You are also under no obligation to accept the payment. or delay the foreclosure sale date. I DID NOT RECEIVE A CHECK. 12. 16.com/Faqs_settled.FAQ 8.gov/benefits/SCRA. even if a request for review form was not submitted by the December 31.–10 p. 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. 2012 deadline. DOES ACCEPTING THIS PAYMENT AFFECT MY BEING ABLE TO WORK WITH THEM? No. ET to verify if you are eligible to receive a payment.federalreserve. Accepting a payment will not affect any other effort you are making with your servicer to prevent a foreclosure sale. To learn more you can visit the government website: militarypay. Federal banking regulators published the categories and payment amounts for each category on their websites — www.–5 p. 8 a. I’M STILL WORKING WITH MY BANK TO PREVENT A FORECLOSURE SALE. Receiving a payment under the Agreement will not impact any other actions you are taking with your mortgage servicer. Continue to work with your servicer.6/22/13 Independent Foreclosure Review . The Agreement is not intended to replace current active efforts with your servicer.m.m. receiving a payment under the Agreement will not prevent you from taking any other action you may wish to pursue related to your foreclosure.m. including other efforts to prevent a foreclosure sale. However. 17. 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.m.gov and www. 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.aspx 2/6 . CAN I OBJECT TO THIS SETTLEMENT? There is no appeal process of the payment amounts distributed to you as a result of the Agreement. 18. 8 a. 9. ET or Saturday. WILL ACCEPTING A PAYMENT UNDER THE AGREEMENT AFFECT/STOP/DELAY MY FORECLOSURE DATE? Accepting a payment under the Agreement will not affect. 8 a. and there is no process to appeal the payment amount distributed to you as a result of the Independent Foreclosure Review Agreement. Other forms of compensation or remediation are not available under the Agreement.

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. WHAT IS THE INDEPENDENT FORECLOSURE REVIEW ADMINISTRATOR GOING TO DO WITH THE INFORMATION ALREADY PROVIDED? WILL THEY BE DESTROYING THE RECORDS. The handling of all information is subject to the direction of federal banking regulators. The Independent Foreclosure Review Administrator will not destroy any information. 24. 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. MY SERVICER WAS PART OF THE INDEPENDENT FORECLOSURE REVIEW. www. You can also go to www.gov. IS THIS A CLASS ACTION SETTLEMENT? No. 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. 25. If you have questions about the current status of your mortgage loan.gov or the Federal Reserve’s website.com/Faqs_settled. 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 Currency’s or the Board of Governors of the Federal Reserve Systems’ website.aspx 3/6 .gov and www.gov/consumerinfo/independent-foreclosure-review. 2013. You can find additional information about the Agreement on the Office of the Comptroller of the Currency’s website.occ. we suggest you consult a tax advisor or qualified individual or organization.htm.independentforeclosurereview. I DID NOT KNOW I WAS IN FORECLOSURE. determined the payment amount for each category. If you have questions. 26.occ. and received a payment even if your property did not go all the way through to a foreclosure sale. 27.gov. which provide more information on the Independent Foreclosure Review and announces the Agreement. then. This payment resulted from an agreement reached between banking regulators and your servicer. 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. 20. 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.federalreserve. HOW WILL THIS PAYMENT AFFECT MY TAX OBLIGATIONS OR PUBLIC ASSISTANCE BENEFITS? Any payments received under the Agreement may affect a borrower’s taxes or public assistance benefits.federalreserve. The file review process was replaced with a payment framework allowing eligible borrowers to receive payment more quickly. 21.federalreserve.6/22/13 Independent Foreclosure Review .com/taxinfo and review the Statement to Eligible Borrowers for some additional tax information. 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.occ. Your mortgage loan was referred into the foreclosure process and remains delinquent but the foreclosure sale has not yet taken place.com/PrivacyPolicy. 28. incorporating input from various https://independentforeclosurereview.FAQ 19. we encourage you to call your servicer directly about your mortgage concerns. and OneWest Bank/IndyMac Mortgage Services. Rust Consulting by the end of July. Federal banking regulators. 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. You completed the transfer of your deed to your servicer before the foreclosure action led to a foreclosure sale. and OneWest Bank/IndyMac Mortgage Services. this is not a class action settlement. the Independent Foreclosure Reviews continue only for Ally/GMAC Mortgage. WHY DID I RECEIVE A PAYMENT? You may be covered by the Agreement. www.aspx. EverBank. www. The websites are: www. mortgage loan file reviews being conducted by independent consultants for the participating servicers have stopped. The Independent Foreclosure Review continues for: Ally/GMAC Mortgage. Everbank/EverHome Mortgage Company. 23. 22.independentforeclosurereview. At this time. WHY WAS MY SERVICER NOT INCLUDED IN THE AGREEMENT? Certain servicers did not participate in the Agreement.gov or www.

IS A MORTGAGE SERVICER THE SAME AS A BANK? A mortgage servicer is the company that services. HOW DO I KNOW WHO SERVICED MY MORTGAGE? The company you send your monthly mortgage payments to is your mortgage servicer. 29. then.gov/get-started/housing-expert or by calling 1-888-995-HOPE (4673). 35. bank and mortgage statements or other records to find the name of your servicer. your mortgage loan. although in most cases. The mortgage servicer can also be a company that offers only mortgage-related services. including mortgages. or investments.gov or the Federal Reserve site at http://www. https://independentforeclosurereview.gov . 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. IF I PARTICIPATE. 33. IS THERE A COST? There is no cost to receive payment under the Agreement. accepting a payment under the agreement will not impact your credit report or any other options you might be pursuing related to your foreclosure. MY MORTGAGE SERVICER WAS LITTON OR SAXON AND I DID NOT COMPLETE A REQUEST FOR REVIEW FORM.6/22/13 Independent Foreclosure Review .federalreserveconsumerhelp. or processes. Federal banking regulators. Beware of anyone who asks you to pay a fee in exchange for a service related to the Agreement. The mortgage servicer can be a bank that offers many services. the participating servicers are required to pay all administrative costs associated with the Agreement. Information about HUD-approved nonprofit organizations that can provide free assistance is available at www. Homeowners may also contact a HUD-approved nonprofit organization that helps homeowners in distress. WILL MY CREDIT BE HURT BY ACCEPTING THE AGREEMENT PAYMENT? No. If your property has gone through a foreclosure sale and you don’t remember who your servicer was. 39. checking. It is not necessarily the company whose name is on the actual foreclosure documents.helpwithmybank. 37.FAQ consumer groups. ARE THE SERVICERS PAYING FOR THIS? As part of the Agreement with federal banking regulators. 36.aspx 4/6 . 32. If you are not satisfied with the response from your servicer. determined the payment amount for each category. 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. Rust Consulting is a neutral third-party independent administrator that focuses on processing requests and answering questions you may have. 34. 31. 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.com/Faqs_settled. 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. 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. your voter registration or any type of license. you may also contact the servicer’s regulator – for more information visit the OCC site at www. A person can only have one primary residence at any given time. 38. 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. personal finance. we suggest you look for canceled checks. A primary residence is also the address that would appear on your federal income taxes. Further information regarding borrower payment categorization is not available from the paying agent. 30.makinghomeaffordable. Inc. Rust Consulting. WHO IS THE PAYING AGENT FOR THIS MATTER? The paying agent for the Agreement is a company called Rust Consulting. it is. and the servicers also funded the payments to borrowers.

MISPLACED OR DESTROYED MY CHECK. The Agreement replaced the Independent Foreclosure Review for those servicers participating in the Agreement.FAQ 40. ET or Saturday.? The reissue process requires that you provide documentation regarding the deceased borrower’s estate and that you are a beneficiary. HOW WILL CASHING THIS PAYMENT AFFECT MY TAX REPORTING? Cashing or depositing the check may affect your taxes.m. The check was issued to all borrowers named on the loan and all borrowers must sign the check to cash or deposit it. In some situations. HOW CAN I UPDATE THAT ON THE CHECK? Checks are issued to the name or names we have on record.aspx 5/6 . 46. the paying Agent. if you are unable to negotiate it with your bank. THE PERSON LISTED ON THE CHECK IS DECEASED. Once you receive the check.m. We cannot advise you on your tax liability. I CHANGED MY NAME. we will have a process established to request a form for reissuance of the check. 49.6/22/13 Independent Foreclosure Review . HOW CAN I HAVE A CHECK REISSUED TO ME AS THE BENEFICIARY/EXECUTOR/POWER OF ATTORNEY/ETC. 8 a. You are not restricted to cashing your check at any particular financial institution. Rust Consulting. Tax Forms will be sent in January of next year. 51. WE’RE DIVORCED. 47. 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.com/Faqs_settled.–5 p. ET or Saturday.m. I LOST. WHO GETS THE CHECK? WHAT ADDRESS DO YOU USE? All borrowers on the loan will be listed on the check. ET or Saturday. 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. I DON’T TRUST MY BANK. if any. We do not have any additional details at this time on what will happen with those funds. 44. ET to request a form for reissuance of the check. no additional information will be required for you to receive a payment. CAN WE GET SEPARATE CHECKS? No. 8 a.com/taxinfo and review the Statement to Eligible Borrowers for some additional tax information. 42.m.–5 p. The letter you receive with your check should indicate the amount which may be reportable as income to the IRS and State Tax Authorities. You can go to www. only one check will be issued per loan. CAN IT STILL AFFECT MY DISABILITY/OTHER BENEFITS? https://independentforeclosurereview. Please call 1-888-952-9105 Monday through Friday.m. to discuss your individual situation. may need to verify some tax related information with you. All borrowers listed on the check must sign it to cash or deposit it.–10 p. 52. IF I DON’T CASH THE CHECK.m.m.m. 2013. ET to request a form for reissuance of the check. 48. Please call 1-888-952-9105 Monday through Friday. If additional information is needed. 45. WILL THIS PAYMENT AFFECT MY BANKRUPTCY? You should contact the attorney assisting you with your bankruptcy filing. We will mail the check to the address in our files as of March 1. 41. DOES THAT APPLY TO MY SERVICER? That Framework generally applies to the servicers who are continuing with the Independent Foreclosure Review.–10 p. I JUST READ SOMETHING CALLED THE FINANCIAL REMEDIATION FRAMEWORK. you will receive a letter from Rust Consulting requesting the information. WHAT HAPPENS IF I DON’T CASH THE CHECK? You are under no obligation to cash the payment. 8 a.independentforeclosurereview. if applicable. CAN I CASH MY CHECK AT ANOTHER BANK? Yes.–5 p.m. 50.–10 p. 8 a. The federal banking regulators will determine what will be done with payments that are not cashed or deposited.m.m. WHAT OTHER DOCUMENATION WILL BE REQUIRED FOR ME TO GET A PAYMENT? For most borrowers covered by the Agreement. Please call 1-888-952-9105 Monday through Friday. 8 a. 43. WE’RE DIVORCED OR SEPARATED. 8 a. ET to request a form for reissuance of the check.m.

It provides information that may help you assess the possible federal income tax consequences of your payment. https://independentforeclosurereview.independentforeclosurereview.FAQ Cashing or depositing the check may affect your disability or other benefits. www.6/22/13 Independent Foreclosure Review . If you have questions.com/taxinfo. If you require advice regarding your individual situation.com/Faqs_settled. Also. 53. such as 1099s or 1098s or other applicable forms will be mailed to borrowers in January of 2014. 54. WHAT IS THE STATEMENT TO ELIGIBLE BORROWERS? The Statement to Eligible Borrowers can be found at www. we suggest you consult the organization from which you receive benefits for further information. please review the Statement to Eligible Borrowers that is linked on the website. please consult a tax professional because we cannot provide individual tax advice. DID YOU SEND ME A 1099 FORM WITH THIS CHECK? WILL YOU SEND ME A 1099 FORM? Tax documents.independentforeclosurereview.aspx 6/6 .com/taxinfo and consult a tax advisor to determine the potential tax consequences and appropriate tax treatment for your individual situation.

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