J.P. Morgan Pays $48 Million to Close Regulatory Order on Mortgage Servicing -- Update

By Emily Glazer 

The Office of the Comptroller of the Currency said J.P. Morgan Chase & Co. would pay a $48 million civil penalty to end a regulatory order against the bank related to mortgage-servicing matters.

EverBank, a Jacksonville, Fla., lender, also is exiting a so-called consent order with the OCC, paying $1 million as a civil money penalty to the bank regulator.

The termination of the orders will end business restrictions on the banks that were mandated by 2015 amendments to previous enforcement actions. "We've worked very hard over the last several years to make changes that will further enhance the customer experience," J.P. Morgan spokeswoman Amy Bonitatibus said in a statement.

EverBank declined to comment beyond a securities filing it disclosed Tuesday restating the OCC's decision.

Other large financial institutions still face business restrictions from earlier mortgage-servicing related enforcement actions, including HSBC Bank USA, Santander Bank, U.S. Bancorp and Wells Fargo & Co.

Spokespeople for Santander and U.S. Bank declined to comment. Wells Fargo didn't immediately respond to a request for comment. An HSBC spokesman said: "We have been and will continue to work closely with the OCC to ensure we fully meet all the requirements of its consent order."

Other big banks already had the consent order terminated around six months ago, such as Bank of America Corp., Citigroup Inc. and PNC Financial Services Group Inc.

Write to Emily Glazer at [e-mail]

(END) Dow Jones Newswires

January 05, 2016 16:21 ET (21:21 GMT)

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