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Regulators release amended consent orders for EverBank

Board of Governors of the Federal Reserve System
Office of the Comptroller of the Currency

For immediate release

October 16, 2013

Regulators Release Amended Consent Orders for EverBank

WASHINGTON–The Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board today released amendments to their enforcement actions against EverBank and EverBank Financial Corp. The amendments memorialize an agreement announced in August requiring the bank to pay approximately $37 million to more than 32,000 eligible mortgage borrowers affected by unsafe and unsound practices in mortgage loan servicing and foreclosure processing.

The agreement in August with the OCC requires the bank to pay mortgage borrowers whose homes were in any stage of foreclosure in 2009 and 2010. Payments will range from $1,050 to $125,000 plus equity, where appropriate. Eligible borrowers will be contacted directly by a third-party paying agent and do not need to take further action to receive compensation. Additional information about payments to eligible borrowers will be provided when available.

EverBank will also pay approximately $6.3 million to organizations certified by the U.S. Department of Housing and Urban Development (HUD) whose principal mission is providing affordable housing, foreclosure prevention, and/or educational assistance to low- and moderate-income individuals and families. Organizations selected for payments from EverBank are subject to non-objection from the OCC. EverBank also will evaluate each eligible borrower currently in any stage of foreclosure for a new loan modification, where investor contracts allow, and will establish a special complaint process to resolve borrower complaints regarding credit report errors.

Previously, the OCC and the Federal Reserve reached agreements with Aurora Bank, Bank of America, Citibank, GMAC Mortgage, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

As with the previous agreements, borrowers who accept a payment will not be prevented from taking other action related to their foreclosure. Servicers are not permitted to ask borrowers to sign a waiver of any legal claims against their servicer in connection with accepting these payments. Federal examiners continue to monitor the servicers’ efforts to correct mortgage servicing and foreclosure practices as required by the orders previously issued against the servicers.

Borrowers seeking assistance should work directly with their servicer or a counselor approved by the HUD. Borrowers can reach HUD-approved counselors by calling 1-888-995-HOPE (4673).

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Media Contacts:
Federal Reserve Board Barbara Hagenbaugh 202-452-2955
OCC Bryan Hubbard 202-649-6870