January 5, 2016 / 6:08 PM / 2 years ago

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.

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

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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