JP Morgan hit with new $48m fine
JP Morgan is to pay $48m in order to settle accusations that the bank failed to meet the terms of a 2013 agreements over mortgage-servicing flaws, according to the US Office of the Comptroller of the Currency (OCC). The new fine will close out JP Morgan’s OCC obligations from the earlier order, under which it had previously faced $2bn in penalties and payments to borrowers.

JPMorgan Chase will pay an additional $48 million to settle remaining issues stemming from missteps in its handling of mortgage servicing accounts after the 2008 financial crisis.

The bank already paid $2 billion in a 2013 settlement with the Office of the Comptroller of the Currency, but did not meet all the obligations of that earlier settlement. The new penalty, announced by the regulator on Tuesday, resolved remaining problems.

Several other banks have been forced to clean up their mortgage servicing processes under orders by regulators last year because they also had failed to meet the terms of that 2013 settlement, which ultimately included 15 banks that paid about $11 billion.

Other banks that have resolved issues and are no longer subject to regulator-imposed restrictions on their servicing activities include Bank of America, Citibank, PNC, One West and EverBank. In EverBank’s settlement, also announced on Tuesday, it will pay $1 million.