Here’s a quick recap on what each servicer agreed to pay out in the mortgage servicing settlement, according to documents filed with the court Monday and previous servicer disclosures.
The eventual, total amount of relief to consumers by all five mortgage servicers will depend on which loans the banks modify. For example, a loan held by the bank would result in a dollar-for-dollar exchange, but a servicer will get fewer credits for writing down principal on loans held in mortgage-backed securities.
Bank of America (BAC) agreed to pay $2.38 billion to resolve litigation with with federal and state authorities. The bank will provide $7.62 billion in the form of credits for relief such as loan modifications and short sales and $948 million for refinancing for consumers who meet eligibility requirements. The total value of its commitment is about $11 billion.
JPMorgan Chase (JPM) agreed to pay $1.12 billion to settle with federal and state authorities. It will dish out $3.68 billion in the form of consumer relief credits and $538 million in refinancing. The total value of its settlement is about $5.3 billion.
Wells Fargo (WFC) will pay roughly $1 billion directly to federal and state authorities as part of the settlement. The San Francisco bank will provide $3.43 billion in consumer relief credit and $903 million in refinancing. The total value of its commitment is about $5.3 billion.
Citigroup (C) agreed to pay $413 million to resolve the litigation with federal and state authorities. It will provide $1.4 billion in consumer relief credit and $378 million in refinancing. The total value of the Citigroup settlement is about $2.2 billion.
Ally Financial will pay $109.6 million to resolve the litigation with federal and state authorities. It will provide $185 million in consumer relief and $15 million in refinancing relief. The total value of its commitment is about $310 million.
To read more on the settlement, click here.
kcurry@housingwire.com
