EverBank Independent Foreclosure Review Payment Agreement Frequently Asked Questions

Updated on 01/15/2014

• What are the basics of the agreement with EverBank?
• How much are payments?
• Why is this more than the previous agreement?
• Why now?
• When will payments start? How will customers become aware of the payments?
• Who will receive a payment? How much will each borrower receive?
• Will borrowers whose files were reviewed and no harm was found receive a payment?
• Will borrowers whose files were not reviewed receive a payment?
• Do borrowers waive rights to taking their own legal actions?
• For borrowers still in the process of foreclosure, is there any additional assistance?
• Who can borrowers call for assistance?
• How can borrowers get additional homeowner assistance?
• The news release mentions a process to evaluate each eligible borrower still in the process of foreclosure for a new loan modification, where investor contracts allow, and will establish a special complaint process to resolve borrower complaints regarding credit report errors. Who should borrowers contact about that?
• Who is the paying agent?
• Who is getting the $6.3 million that is going in to housing assistance groups?

What are the basics of the agreement with EverBank? 

On August 23, EverBank agreed to pay approximately $37 million to more than 32,000 eligible borrowers and $6.3 million to HUD-certified organizations or other tax-exempt organizations that have as a principal mission providing affordable housing, foreclosure prevention and/or educational assistance to low- and moderate-income individuals and families. Recipient organizations shall be approved by the OCC.

How much are payments? 

Payments range from $1,050 to $125,000 plus equity in the most egregious cases.

Why is this more than the previous agreement? 

The agreement with EverBank was based on the results of the file reviews completed by the independent consultant. The independent consultant completed reviewing the requests for reviews and numerous large samples of in-scope borrowers, which include borrowers whose mortgages were in any stage of foreclosure in 2009 or 2010 and were serviced by EverBank.

Why now? 

The OCC believes it to be more prudent to accelerate payments to eligible borrowers. The independent consultant’s results indicate that additional file reviews were only necessary in the general error category (category 13 of the 2012 Financial Remediation Framework). However, that work would likely take an extended amount of time.

When will payments start? How will customers become aware of the payments? 

Checks to eligible EverBank borrowers began on May 1, 2014, from paying agent, Epiq Systems, which will be handling the payment distributions under the EverBank agreement. For more information, please visit the website: EverBankIndependentForeclosureReview.com. If you have a specific question regarding the EverBank payment agreement, you may contact Epiq Systems at the toll free number (877) 819-9754 or you may send a letter or email to:

EverBank IFR Expedited Payment Agreement
PO Box 2730
Portland, OR 97208-2730
info@EverBankIndependentForeclosureReview.com

Who will receive a payment? How much will each borrower receive? 

More than 32,000 EverBank customers whose mortgages were serviced by Everbank and were in some stage of foreclosure in 2009 or 2010 will receive a payment of at least $1,050.

Will borrowers whose files were reviewed and no harm was found receive a payment? 

Yes, they will receive $1,050.

Will borrowers whose files were not reviewed receive a payment? 

Yes, they will receive $1,050.

Do borrowers waive rights to taking their own legal actions? 

Borrowers give up no rights by accepting payment, and the servicer is prohibited from asking the borrower to waive any right to private legal action as a condition for accepting payment.

For borrowers still in the process of foreclosure, is there any additional assistance? 

The OCC is requiring EverBank to review every loan it services that is still in the process of foreclosure for possible modification, where investor contracts allow. Borrowers should contact EverBank for more information about foreclosure prevention assistance.

Who can borrowers call for assistance? 

Borrowers who need additional foreclosure prevention assistance should contact their servicer, or contact the Homeowner's HOPE Hotline at 888-995-HOPE (4673) (or at www.makinghomeaffordable.gov) to be put in touch with a U.S. Department of Housing and Urban Development-certified nonprofit organization that can provide free assistance. Questions regarding the payment process can be directed to the paying agent once that company is selected.

How can borrowers get additional homeowner assistance? 

OCC encourages borrowers who need assistance to continue to work with their servicers. Regulators also encourage borrowers needing foreclosure prevention assistance to work directly with their servicer or contact the Homeowner's HOPE Hotline at 888-995-HOPE (4673) (or at www.makinghomeaffordable.gov) to be put in touch with a U.S. Department of Housing and Urban Development-certified nonprofit organization that can provide free assistance.

The news release mentions a process to evaluate each eligible borrower still in the process of foreclosure for a new loan modification, where investor contracts allow, and will establish a special complaint process to resolve borrower complaints regarding credit report errors. Who should borrowers contact about that? 

Eligible borrowers should contact EverBank.

Who is the paying agent? 

The paying agent for EverBank customers is Epiq Systems. More information about the EverBank Payment Agreement can be found at EverBankIndependentForeclosureReview.com. The toll free number for Epiq Systems is 877-819-9754 or you may send a letter or email to:

EverBank IFR Expedited Payment Agreement
PO Box 2730
Portland, OR 97208-2730
info@EverBankIndependentForeclosureReview.com

Who is getting the $6.3 million that is going in to housing assistance groups? 

In addition to money paid by EverBank directly to eligible customers, EverBank will pay approximately $6.3 million to organizations certified by the U.S. Department of Housing and Urban Development or other tax-exempt organizations that have as a principal mission providing affordable housing, foreclosure prevention and/or educational assistance to low- and moderate-income individuals and families. Recipient organizations shall be approved by the OCC. Specific groups have not yet been determined.