A pair of federally regulated banks that were among several to be hit with consent orders for bad servicing practices have been found to be in compliance with the orders.
Back in April 2011, eight national bank-servicers each voluntarily entered into consent orders with the Office of the Comptroller of the Currency, a federal regulatory agency.
In addition, consent orders — which required improvements in the companies’ foreclosure and modification processes — were reached with
two third-party service providers.
Including related orders issued by the Federal Reserve Board and the Office of Thrift Supervision, there were 14 consent orders issued.
Among the 14 mortgage servicing-related entities to face the orders was JPMorgan Chase Bank, N.A.,
which agreed to an order with the OCC, and EverBank, which was hit with an order from the Office of Thrift Supervision — an entity that was folded into the OCC after the financial crisis.
On Tuesday, the OCC announced that the orders against Chase and Everbank have been terminated.
“The OCC is terminating the consent orders against these banks because it determined that the institutions now comply with the orders,” the regulator stated.
New York-based Chase was assessed a $48 million penalty by the OCC for violating the order during parts of 2014 and 2015 by filing notices that didn’t comply with bankruptcy rules.
Jacksonville, Florida-based EverBank
was assessed a $1 million OCC penalty because it allegedly improperly charged fees to 47,000 borrowers between January 2011 and March 2015. EverBank has reportedly started making $1.6 million in remediation payments to affected borrowers.
