The reviews, announced by federal regulators on November 1, 2011, are required under a settlement reached between the nation's largest mortgage servicers and the regulators.
Under the settlement, 14 large mortgage servicers were required to correct deficiencies in their servicing and foreclosure processes and to engage independent firms to conduct a multi-faceted independent review of foreclosure actions that occurred in 2009 and 2010.
Independent consultants are charged with evaluating whether borrowers suffered financial injury through errors, misrepresentations, or other deficiencies in foreclosure practices and determining appropriate remediation for those customers. Where a borrower suffered financial injury as a result of such practices, the consent orders require remediation to be provided.
How do I know if I am eligible for the Independent Foreclosure Review?
Your loan must first meet the following initial eligibility criteria:
- Your mortgage loan was serviced by one of the participating mortgage servicers listed below.
- Your mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010.
- The property was your primary residence.
Customers eligible for a review will be mailed a letter that explains the process by December 31, 2011 .
If you have questions you should call 1-888-952-9105 or visit the review website at http://www.independentforeclosurereview.com/.
Participating Mortgage Servicers
- America’s Servicing Co.
- Aurora Loan Services
- Bank of America
- EverBank/EverHome Mortgage Company
- GMAC Mortgage
- IndyMac Mortgage Services
- MetLife Bank
- National City Mortgage
- PNC Mortgage
- Sovereign Bank
- SunTrust Mortgage
- U.S. Bank
- Wachovia Mortgage
- Washington Mutual (WaMu)
- Wells Fargo Bank, N.A.
The Washington State Office of the Attorney General is urging Washington residents to continue to be vigilant in safeguarding personal information.
Due to mortgage servicers attempting to contact millions of homeowners nationwide, it’s safe to assume that identity thieves are already trying to find ways to steal your information.
Examples of potential scams identified by federal regulators include:
- Con artists attempting to offer paid services to assist borrowers with their request for review.
- Copycat letters and forms requesting information that could be used for fraud or ID theft.
More information about protecting yourself from identity theft can be found on the Attorney General's website at http://atg.wa.gov/ConsumerIssues/ID-Privacy.aspx.