JPMorgan fined $48 million for failures in U.S. robo-signing settlement

Tue Jan 5, 2016 1:06pm EST
 
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WASHINGTON (Reuters) - JPMorgan Chase JPM.N has been fined $48 million for failing to meet terms of a settlement to resolve mortgage servicing violations, U.S. bank regulators said on Tuesday.

The fine will be on top of another $2 billion that JPMorgan had been ordered to pay to cover remediation costs and foreclosure assistance to borrowers, the Office of the Comptroller of the Currency said.

JPMorgan was among a number of banks which participated in a 2013 nationwide settlement with regulators over the practice of robo-signing, in which banks pursued faulty foreclosures by using defective or fraudulent documents.

The OCC also said Tuesday that EverBank EVER.N will also pay a $1 million fine for similar violations connected to the mortgage servicing case.

(Reporting by Sarah N. Lynch and Lisa Lambert)

 
People pass the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar