The next two mailings are scheduled for April 26 and May 3. A total of 434,484 checks have been cashed or deposited for a total amount of more than $418.8 million from the first mailing April 12, according to bank regulators, as of Thursday.

Rust Consulting Mails Another 1.4M Foreclosure-Review Checks

Rust Consulting Mails Another 1.4M Foreclosure-Review Checks

Rust Consulting Mails Another 1.2M Foreclosure-Review Checks Another 1.4 million checks for eligible borrowers from the Independent Foreclosure Review were sent out today by Rust Consulting, the second of four batches.

The checks today totaled $1.2 billion, bringing the total to date to $2.4 billion in payments.

The next two mailings are scheduled for April 26 and May 3.

A total of 434,484 checks have been cashed or deposited for a total amount of more than $418.8 million from the first mailing April 12, according to bank regulators, as of Thursday.

The final wave of payouts is expected in mid-July 2013.

Rust Consulting has had its share of problems. Some checks in the first batch bounced because of
insufficient funds with the paying bank, The Huntington National Bank.

That caused Federal Reserve staff to contact the paying agent to fix the embarrassing problem that represented yet another hurdle for some IFR borrowers.

There were also many address corrections needed to ensure that all intended eligible recipients are reached.

Rust said Wednesday that the full compensation amount of $3.6 billion is available to be cashed or deposited.

Yet another hurdle for check recipients — especially those disputing the category of servicer wrongdoing into which they were placed — is getting specific answers to how the compensation amounts were determined.

Rust Consulting is mostly equipped to answer questions about the checks and verify whether borrowers are eligible for a payout.

“Borrowers can call Rust at 1-888-952-9105 to update their contact information or to verify that they are
covered by the agreement,” said the Office of the Comptroller of the Currency.

Here’s part of the prepared testimony from David Holland, executive vice president of Rust Consulting, from the Senate Banking Committee hearing on Wednesday regarding the IFR.

“Rust continues to staff a call center to take incoming calls from homeowners with questions about the program and update the website for the IFR project to provide new information regarding the Settlement,” Holland said.

During the hearing, Holland was asked questions by Sen. Jeff Merkley, D-Oregon, about the compensation and specific categories into which borrowers were placed.

Sen. Merkley: “How would the servicers, who had not been the ones reviewing the files and had been essentially at the heart of so many pieces of dysfunction, possibly be a responsible party for putting people in the categories of harm?”

Holland: “I don’t have knowledge of how that process or how that process came about. We received the
categorizations directly from the servicers and the OCC provided us with the dollar amounts that
corresponded to those categorizations.”

These leaves many borrowers few, if any, answers. Many have taken to forums to get more information and compare their experiences with the mortgage services.

Rust Consulting, however, communicates regularly with both regulators and mortgage servicers.

More from Holland’s testimony:  “As part of the Settlement, Rust provides comprehensive daily statistical reporting to the OCC, the FRB and the servicers. Daily conference calls are held with the servicers covering project execution. Two times weekly, conference calls are held with the OCC and the FRB covering project execution and future deliverables.”

The IFR was initiated in 2011 and scrapped this January in favor of a $9.3 billion settlement with 13 servicers, including the largest U.S. banks — JPMorgan Chase, Bank of America, Citi and Wells Fargo.

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58 Comments
  1. i knew a friend who had a modification from wells fargo and she is living in their home surprised she is getting $300.00. Why the IFR gave money to those who stayed in their home and not foreclosed, why not give it more to those who foreclosed their home. Those modification that was approved and homeowner are still living does not deserved to get $300.0..
    Money received should not be taxable because homeowenr are loser because they lost the home and proceeds of the sale of house, lenders had it.

  2. Justin, but how long did it take until they allowed for her modification???? It took WF almost 1 year to finally accept that I qualified for a mod, prior to that this forced me out of my house with all my belongings, leaving a house I had been in for almost 10 years….almost forcing me to file BK. I believe the pain and suffering for the whole year trying to get a mod is well worth the 300.00. BTW you sound like a little bitch.

  3. I still have not received my Check from CHASE. But I am happy that my credit score is finally gone up. They have updated my Credit file to reflect a 0 Balance and paid as agreed. I took great pride in my Credit History (25 years of good Credit) before this Mortgage Mess made me finally for Chapter 7 and having to Deed back my house because they would not work with me. I went through a serious depression for 2 1/2 years after this mess. All the money in the world could not compensate me for all the mental anguish I went through when I and to surrender Everything even my Credit that was in good standing. My Good Credit meant everything to me. Money cannot buy piece of mind and I still refuse to deal with any of these big Banks. I rather rent then Buy even though I can afford to buy again. America’s Greed. Greed is never good and you always buy the cost at the end.

  4. I still haven’t received a check yet. I also fell we should get the interest on the money held over a year.

  5. I just called Rust and was advised my check was just issued yesterday, 4-19-13 (second wave) so I’ll be on the lookout for it; however, still not sure what category I fell into. I was with Bank of America in Texas. I was one of those cases where Countrywide was taken over by Bank of America.

  6. Unknown: Class action will take years and only enrich the lawyers. We get very little. Keep the pressure on our corrupt regulators, our government, and demand a JUST compensation.

  7. To people like Justin … Yes, some were able to keep their homes and will be compensated like myself but there’s much more to the story. In my case, I was laid off and husbands hours were cut. Applied for refinance and was told they couldn’t help til 3 missed payments. Modification took 2 years! They lost papers, claimed they were missing a corner so had to resend, then claim they need to start process all over, miscalculated our income, started trial payments and stopped them 3 times on 3rd payment. Trial payments were double the mortgage we were struggling to pay but had to pay to keep home! We were put in foreclosure 3 times in those 2 years because of THEIR tricks! We owed 47,000 on the home we lived in for 20 years. Because of their fees, attorneys, foreclosure filings etc … we now owe 74,000!!! We have not gotten our check and don’t expect much but what they did was illegal. They stole homes, controlled the market, weakened the economy, ruined lives and then were handed a bailout!!! They intentionally lost paper work, declined assisting, caused time periods to lapse forcing procedures to stall all to make it look like we the homeowners were the problem and they were the ones needing help! Well I still have my home but I lost almost all of my equity to their fees! I hope the bankers are found quilty of fraud and sent to jail … Unless you lived this nightmare, you wouldn’t understand!!!!

  8. 2009 I went through Family Credit Couseling and paid my three trial payments and the market crashed. FCC and tried to contact EMC (Chase) regarding my modification and they stated “It’s nothing we can do at this time”. I tried to contact them for a year. November I called (2010) and was connected with lost mitigation and started modification after my three month trial I was denied because they said my papers wasn’t notarized. Come to find out the modification papers did not need to be notarized. I have lost most of my retirment with this Chase. April I went to NACA for help, filed out all the necessary papers and never heard from Chase. October 2012 went back to NACA. After asking who was IFR I got a modification with a 7.5% interest rate and a 57,000 ballon payment at the end of fifteen years. Would someone help me. I don’t understand.

  9. Does anyone know the order of how checks were sent? ABC order or servicer order? Rust does not really have any information

  10. I received my little check today from Citi 600.00. I was in the BK process and was illegally foreclosed on. this settlement is not fair!! They sold our home and made a 180,000 profit and we get a lousy check for 600.00.

  11. Just called Rust, I was with Litton. They said that Saxon and Litton checks should go out at the begining of May.

  12. We got our check today 800.00- doesn’t even cover moving cost much less over a year of calling WF weekly attempting to get HAMP they offered a mod $2.00 less than the original payment, 2nd offer was 6 months no payments all payments, interest fees paid in full at the 6 month mark. Then received a letter they based on a statement from my husband that we were in the process of replacing cabinets and putting in new flooring that they would no longer work with us due to homes state of disrepair which they can not do. ILLEGAL called Fannie Mae they were also trying to help us WF didn’t follow their guidelines either. Justice for all what a joke! Nothing mentioned correcting credit reports. My husband got sick and was out of work 6 months now disabled. Someone is getting compensation but sure not the homeowners.

  13. I received my check for $300.00 today, and frankly feel like I’ve been slapped in the face. Adding insult to injury now. We lost our home, a home that we put thousands of dollars into. We were sent out of our home, foreclosed upon, because we fell behind during a financial hardship. 3 months, and we had $13,000 in equity at closing and had paid on our home for 4 years after. We should have been approved for a modification, but what they did was sell our home to a foreign bank, put us out, bought it back, and resold it for over $40,000 less than what we paid for it. As a consequence, we have had to live in a crappy rental because our credit wasn’t up to snuff for the places we would like to live in. We have had to buy cars at a buy here pay here for the same reason, and their answer to all that is $300.00. I want to shove this check so far up someone’s a$$ I am fuming. This in NO WAY compensates us for the losses we have suffered, and continue to suffer. I would have rather just not even been considered as to have been insulted again in this way. Shame on everyone involved in this atrocity. Karma will get ya.

  14. Was wonderong if anyone knew the order on how they are sending the checks and how many waves they are going to have?

  15. Chase Victim…
    I too am still in my home. It took Bank of America over 2 years to do my modification. I was given ill advice when it started, while I was out on medical leave from my job. The modification was approved, then they decided it wasn’t after paying for several months. Then they wanted ALL the back pay immediately. I’m a single mother and had just enough to pay the regular monthly. Then back and forth “we’ll help you” then “no we won’t” so I spoke to a lawyer. Then I went through the same as you. Losing papers, denying before the deadline, etc. It was a MESS. Yes, I do think people like you and I should be compensated. And those who actually lost their homes should be compensated more. These people who were doing the modifications were not properly trained in my opninion. It would have been like me trying to give someone financial advice, and I work in family and childrens services! Glad we are all getting something for the pain and suffering, though it could never be enough.

  16. Got our check for 500 today with Wells Fargo as servicer….I thought it would be more, but its better than what I had….

  17. Was supposed to receive 50,000 as one of the original victims of oh so many mistakes…today I am horrified to open check of $500- I was one of the original victims to file in 2011….i am so horrified and appalled.

  18. What A complete farse!! We received Our check for $500 Today! We had CountryWide/BOA and lost Our house. We tried everything imaginable to try to keep Our home but, The Bank certainly seemed bent on wanting it! They denied any kind of loan modification. Would not let Us have A hardship mod. either which We probably could have been A canidate for. We tried everything We could to try to keep Our home. CountryWide lost over 40 pages of paperwork that We had faxed into Them Twice! Their Rep’s gave Us false information over and over. We hired A lawyer and filed for Chapter 13 bankruptcy only to have BOA not recognize it once They had taken over Our loan!! They contacted either The Judge or The Trustee and had Our case dismissed. Once that occured, They foreclosed on Us ASAP! With the $500 joke of A payout, it’s like being raped all over again by these same People! Utter B.S.!!!!

  19. My husband owned a trim company for new homes etc… He had a 750-800+ credit score before the market crash. When the housing market started to crash, we were not able to afford our payments at 8.25% interest. We missed a couple of payments, and asked for modification.They modified our loan but for less than $100 off the monthly mortgage payment. Then when the 3 month trial was over the payments increased. We asked for another modification and they said if we gave them $12,000 they would modify the loan. Chase intentionally lost paper work, declined assisting, caused time periods to lapse forcing procedures to stall all to make it look like we were the problem. One Chase representative told my husband he was a “dead beat for not being able to afford the home, and to go ahead and get out of the house”. Meanwhile we were getting calls from Chase to put our home up for SHORT SALE. So we did, and continued to receive calls asking for payments and the house was going to be foreclosed on even though we were told not to make anymore payments for the short sale process. We ended up selling our home in a short sale within 3-4months. However, when the title company went to the court house to record the sale, the clerk said they received documents the house was foreclosed on and put it in our local paper as a foreclosed property. We owed $195,000, the county appraised it at aproxitmally $165,000 and after all it was said and done it sold for less than $150,000. Now we can’t get approved for a rental or find one that isn’t the cost of a house payment due to what it has done to our credit.

  20. I received my check for $2000.00, I was extremely shock. Chase was my mortgage company and we did keep our house. Chase tried really hard to kill us.

  21. Mad. Mad. Mad. Got the check… $400. I requested a review.
    I tried to get a mod. I was approved by citi, made the new good faith payment. Us govt deized our loan on the day it was approved gave it to wamu. Wamu gave it to chase. Chase made us start the process over and approved the mod then,when I went to pay they declined the payment and said I had to make another good faith payment of $7000. I said I made it to citi. They said we can see that, but you will have to talk to someobe higher up. That next day we were foreclosed on. We moved out and house had new owners 3 months later. Great job America.

  22. I called WF and they told me numerous times that they couldn’t share any information in regards to my check or amount. I guess I will be one of the unlucky who will need to submit more information in order to receive a payment! Sorry to hear about all the horror stories and upsets. I filed bankruptcy on their ASS after they took my money then they quoted me a higher amount! Then while I was in bankruptcy they asked me to sign something and they would lower the amount and process it over and they screwed me again. My attorney said they played me so he immediately went to the court’s and did his majic so a long story short they foreclosed and I was protected! Life is too short to continue calling them I accept my likely fate of receiving $1000 or less because the categories is confusing and I can’t remember all my details since I walked away from it:) I have a new house with WF it is what it is!!! I will update you when I’m contacted by the Devil:)

  23. Oh I forgot to add WF sent me info asking me if I wanted to reduce my payments! Then they told me not to send payments for 3 freaking months then they resent paperwork with a much greater amount or something like that and they wanted $7000 grand or something I told to kiss you know what because we were just fine until they asked us to fall behind and to make payments in January! Well I thought I buried that, its amazing what you can remember after drinking a large Java Chip Frapa’) Oh well like I said my husband purchased a home with WF again its a much better home lower payments. I would rather rent my self but oh well!

  24. PASS THE WORD….
    .new petition for Pres Obama to reevaluate the Foreclosure review. Need 150 signatures before it will be moved to whitehouse.gov site. PLEASE SIGN…we need all the publicity we can get……link below
    http://wh.gov/tILP

  25. I am in two settlements with the independent foreclosure review and the national mortgage settlement, and have not received a check yet. Anyone else in this boat? Also, I was under the impression credit scores were not going to be fixed due to foreclosure?

  26. I wasnt foreclosed on but was in preforeclosure. Received my check for 3750. Happy. Im really surprised to hear that people lost their homes and received those small checks. Thats really unfair. Im really sorry for you.

  27. I’m also in both reviews and have not either check yet. According to the national mortgage settlement, those checks will be mailed sometime in may. No amount can make up make for the mistakes made by the banks.

  28. Re: The White House petition – can my husband and I sign separately or is it lmited to one signature per family?
    I signed #86 and was thinking if having him sign as well. Thanks!

  29. Just a little curious…..I’ve been reading most of the comments and it really upsets me.

    I have not received a check. Has anyone received a check from US Bank or know when

    they will be issuing a check to anyone?

  30. I got my check today ,kind of surprise since a lot of people was conplint it about the amout ..I fit my self into 6,000 category and even i lost my house as many of you ..today i got my check for 6,000 WF was my bank ..Ty Lord

  31. B of A took my money, all the while planning on stealing my house, which they did, and I just got a whopping 600 dollar check for my royal screwing. As always, the rich remain rich while the poor just get poorer. What a joke.

  32. This page is currently undergoing site maintenance.
    We appreciate your patience while we make some improvements
    to Whitehouse.gov.
    This page should be back online soon.

    Guess I won’t be signing the petition today. Just like everything else. BS

  33. I lost my home July 2009, I had to short sale it
    But they still reported on my credit report and
    Got the satisfied statements from the deeds office
    And sent them to the credit agency’s they still
    Say I owe
    Omfg at a loss call rust and they say they mailed
    A check a may 3 likely 300 worth but where is the
    Loss equity of 51000 and all the other damages
    How do I get to be apart of the class action suit
    They stole everything and I rent a appartment
    Have crap credit and 0 money and for what
    I’ve lost everything because of litton loan

  34. David West… That is why we are all in this position… Everyone cries wolf then sits back and waits to see what others do!!! Your right it is BS, but you know what WE THE PEOPLE run the world…. Let your voice be heard!!!! If not stop WHINING!!!!

    The site is now up running!!!!! LMAO

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