On August 26, the
OCC announced that it had reached an agreement with EverBank where the lender will pay
$37 million to more than 32,000 eligible borrowers. EverBank had not settled
with the OCC earlier this year when most of the other banks subject to
the Independent Foreclosure Review chose to simply send money to eligible
EverBank's payments will be a bit higher than those made by other banks.
Many people received checks as small as $300 when the first wave of IFR
checks went out. EverBank's payments will range in size from $1,050
to $125,000. The OCC will release further information when checks are
to be sent out. In addition to payments to be made to borrowers, EverBank
will also pay $6.3 million to non-profit groups that provide housing counseling,
affordable housing, and foreclosure prevention assistance.
Eligible borrowers were in foreclosure during 2009 and 2010. EverBank has
also agreed to evaluate those borrowers still in the foreclosure process
for a loan modification. I highly doubt that there are many legacy cases
remaining from 2009 and 2010 here in Illinois. While I do see the occasional
old case, the vast majority of cases filed in 2009 and 2010 have already
moved through the system in one way or another. It is possible that there
were cases dismissed by the bank that are still technically in the foreclosure
process, but it's not very probable.