WASHINGTON — JPMorgan Chase and EverBank were released from business restrictions stemming from the foreclosure reviews that originated in 2011, but also face new civil money penalties for their earlier violations of those restrictions, the Office of the Comptroller of the Currency said Tuesday.
JPMorgan was fined $48 million for not satisfactorily complying with an OCC order against several banks regarding their residential mortgage loan servicing and foreclosure practices. According to the agency, JPMorgan committed unspecified violations between October 2014 and June 2015. The bank is also accused of violating bankruptcy rules in its bankruptcy court filing practices from December 2011 to November 2013.
In a statement, JPMorgan spokeswoman Liz Seymour did not comment on the fine, but expressed satisfaction for the release from the consent order.
"Our mortgage employees have worked very hard over the last several years to make changes that will further enhance the customer experience," she said. "[W]e're pleased by the outcome of the OCC's assessment of our work."
Everbank, meanwhile, was fined $1 million — in addition to $1.6 million it already owes in remediation — for alleged violations of OCC's order by imposing improper fees to approximately 47,0000 borrowers.
In June 2015, JPMorgan and EverBank were among six banks that saw the foreclosure review process extended and additional business restrictions imposed for not complying to the OCC's orders in time.