On February 28, 2013, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board released amendments to their enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing.¹ The amendments require the servicers to provide cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the 13 servicers or their affiliates.² Regulators have published the payment amounts on their websites.³

All payments received in connection with the IFR Payment Agreement may be subject to taxation depending on the borrower’s individual circumstances. This webpage provides general information regarding potential U.S. federal income tax consequences of these payments if you are a citizen or resident of the United States.⁴

The Independent Foreclosure Review Payment Qualified Settlement Fund (QSF) is required to comply with IRS information reporting requirements with respect to…