WASHINGTON (8/26/13)--Everbank Financial has agreed to pay more than $40 million to homeowners and housing assistance groups under the terms of a settlement with the Office of the Comptroller of the Currency (OCC).
The OCC said EverBank was subject to a cease and desist order for unsafe and unsound practices in mortgage servicing and foreclosure processing. According to the OCC, the Jacksonville, Fla., financial firm will pay:
Approximately $37 million in cash payments to more than 32,000 eligible mortgage borrowers whose homes were in foreclosure during 2009 and 2010; and
$6.3 million to housing assistance groups.
Aggrieved customers are scheduled to receive between $1,050 and $125,000, plus equity in some cases. Borrowers will be contacted by a third party, and will not need to take further action to receive payment.
The housing assistance funds are scheduled to go to U.S. Department of Housing and Urban Development certified groups. Certain tax-exempt organizations that provide affordable housing, foreclosure prevention and/or educational assistance to low- and moderate-income individuals and families will also be eligible for funds, the OCC added.
For the full OCC release, use the resource link.