JPMorgan, EverBank Settle With OCC Over Consent Order Violations

Posted by Patrick Barnard on January 11, 2016 No Comments
Categories : Mortgage Servicing

JPMorgan Chase Bank and EverBank have paid fines of $48 million and $1 million, respectively, to settle violations of consent orders issued in 2011 by the Office of the Comptroller of the Currency (OCC).

As a result, the OCC is terminating the consent orders against these banks because it determined that the institutions now comply with the orders.

The OCC found that JPMorgan violated a 2011 consent order from Oct. 1, 2014, through June 30, 2015.

The OCC further found that, between Dec. 1, 2011, and Nov. 19, 2013, JPMorgan engaged in filing practices in bankruptcy courts with respect to payment change notices that did not comply with bankruptcy rules and constituted unsafe or unsound banking practices.

The OCC found that EverBank violated a 2011 consent order by improperly charging fees related to mortgage electronic registration system assignments, property inspections and late fees to approximately 47,000 borrowers.

The improper fees occurred between January 2011 and March 2015 and were outside the scope of the Independent Foreclosure Review (IFR) and the 2013 IFR Payment Agreement, the OCC says in a release.

EverBank has begun making $1.6 million in remediation payments to affected borrowers.

For more, click here.

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