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