EverBank to Provide $37M to Borrowers in Foreclosure Review Deal

EverBank to Provide $37M to Borrowers in Foreclosure Review Deal

08/23/2013 BY: ESTHER CHO

EverBank came to an agreement with federal regulators to provide $37 million in relief payments to certain borrowers, leading to an end to the Independent Foreclosure Review process for the bank, the Office of the Comptroller of the Currency (OCC) said Friday.

The payment should cover 32,000 eligible mortgage customers whose homes were in any stage of foreclosure in 2009 and 2010, and checks should range from $1,050 to $125,000.

Eligible borrowers will be contacted directly. The release did not specify when the payments will be sent, but did say more information about payments will be announced in the “near future.”

The Jacksonville, Florida-based bank will also pay about $6.3 million to HUD-certified organizations or other groups dedicated to providing affordable housing and preventing foreclosure.

Additionally, EverBank is required to evaluate borrowers in foreclosure for a loan modification and create a special complaint process to resolve borrower complaints concerning credit report errors.

The OCC and the Federal Reserve have already come to separate foreclosure deals with 14 other banks, which included 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.

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