Everbank Agrees to Stop "Unsafe" Practices
EverBank Financial Corp. has signed a consent order with federal regulators to rectify certain foreclosure practices that have been deemed “unsafe or unsound."
The consent order, issued on April 13, cites the Jacksonville bank for weaknesses in its loan servicing, loss mitigation and foreclosure activities.
The order requires the bank to cease and desist certain activities and take affirmative remedial action for the following:
1. Within 5 days, the board shall designate a committee to monitor and coordinate the holding company’s adherence to this order.
2. Within 30 days, submit a written plan to strengthen EverBank’s board of directors' oversight of risk management, internal auditing and compliance programs concerning the company's residential mortgage program.
3. Within 90 days, the holding company shall submit a written plan to strengthen the bank’s risk management, compliance and current internal audit programs addressing residential mortgage loan servicing, loss mitigation and foreclosure activities.
4. Within 120 days, the oversight committee shall produce a compliance progress report to the board of directors and submit a progress report within 30 days of each subsequent quarter.
To read more on this article, visit Federal regulators order EverBank to stop "unsafe or unsound" practices.
For legal counsel regarding commercial finance and banking regulations please contact Wood, Atter & Wolf, P.A., in Jacksonville and Ponte Vedra Beach, Florida.
