January 5, 2016
OCC Terminates Mortgage Servicing-Related Consent Orders Against JPMorgan Chase and EverBank, Issues Civil Money Penalties
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today terminated mortgage servicing-related consent orders against JPMorgan Chase Bank, N.A. (JPMorgan), and EverBank, and assessed civil money penalties against the banks for previous violations of the orders.
The OCC is terminating the consent orders against these banks because it determined that the institutions now comply with the orders. The OCC and the former Office of Thrift Supervision originally issued the orders in April 2011 and amended them in February 2013 and June 2015. The termination of the orders ends business restrictions affecting JPMorgan and EverBank that were mandated by the June 2015 amendments.
The OCC assessed a $48 million civil money penalty against JPMorgan and a $1 million civil money penalty against EverBank.
The OCC found that JPMorgan violated the 2011 consent order from October 1, 2014 through June 30, 2015. The OCC further found that, between December 1, 2011, and November 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 the 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 and the 2013 IFR Payment Agreement. EverBank has begun making $1.6 million in remediation payments to affected borrowers.
JPMorgan and EverBank will pay the assessed penalties to the U.S. Treasury.