MINNEAPOLIS, April 16, 2013 /PRNewswire-USNewswire/ -- Rust Consulting, as the Paying Agent for the Independent Foreclosure Review Payment Agreement, has begun distributing payments to borrowers. On Friday, April 12, approximately 1.4 million payments were sent.
Some early payment recipients were told that their checks could not be cashed due to insufficient funds. Rust can verify that $3.6 billion is available to be cashed or deposited.
"We apologize to anyone who experienced problems trying to cash their checks. We are working hard and communicating with the banking regulators, the servicers, and other banks to ensure those issues are not repeated," Rust Consulting Senior Vice President James Parks said. "We want to assure the public that checks we have mailed under the Independent Foreclosure Review Payment Agreement process are valid."
Borrowers with questions regarding payments should contact Rust Consulting at 1-888-952-9105, Monday through Friday, 8 a.m. - 10 p.m. ET or Saturday, 8 a.m. - 5 p.m. ET.
Financial Institution Instructions
Financial institutions experiencing difficulties cashing payments should call 1-855-460-1528 for assistance.
Payments will continue through July 2013. The distribution is the result of an agreement between 13 mortgage servicers, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System.
About Rust Consulting
Clients in the legal, public, and business sectors trust Rust Consulting to design, implement, and manage complex and time-sensitive projects. With experience on more than 4,000 cases worth billions of dollars, Rust Consulting is the national leader in class action settlement administration, and is an expanding presence in the mass tort, public sector, and business sectors. Rust Consulting and its partner, Kinsella Media, LLC (Washington, D.C.) offer a full complement of services including project management, data management, notification, claims processing, contact center services, fund distribution, and tax reporting. A SourceHOV company headquartered in Minneapolis, Rust Consulting also has offices in Faribault, Minn., Los Angeles, Melville, N.Y., Palm Beach Gardens, Fla., San Francisco, and Washington D.C.
SourceHOV, with approximately $525 million in revenue, is one of the largest pure play BPO and KPO companies in the industry, serving customers in more than half of the Fortune 100® with deep domain expertise, including document centric applications, in Healthcare Payer and Provider, Finance and Banking, Public Sector, Publishing, Legal, Insurance, Manufacturing and Commercial industries, including specialized consulting services for construction management, tax benefits, legal claims settlements and economic consultancy. The company's global workforce is more than 12,600 employees operating from over 80 delivery centers in 6 countries including the U.S., Mexico, Canada, India, China and the Philippines.
SOURCE Rust Consulting