WASHINGTON — Mortgage servicers tied to the independent foreclosure review settlement will begin sending the first wave of $1.2 billion in checks to troubled borrowers on Friday, federal regulators said.

More than 4 million borrowers will be compensated as part of the amended settlements between the 13 mortgage servicers and the Office of the Comptroller of the Currency and the Federal Reserve Board. The regulators said Tuesday that payments will be sent out in waves with the first 1.4 million checks totaling $1.2 billion sent out this week. By the end of the month, about 90% of the cash payments will be sent with the final wave ending in mid-July.

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