US Bank and Santander will pay $10m and $3.4m in civil money penalties respectively. The assessed penalties will be paid to the US Treasury.
US Bank was found to have violated the 2011 consent order related to mortgage servicing from 1 October 2014 through 30 August 2015, while Santander violated the 2011 consent order from 1 October 2014 through 31 December 2015.
The comptroller office is now terminating the consent orders against these banks because it determined that the institutions now comply with the orders.
The move will end business restrictions mandated by OCC on the banks in June 2015 for failing to meet all the requirements of consent orders related to foreclosure-processing mistakes committed in 2011.
The banks faced restrictions on mortgage-servicing operations such as limits on their ability to acquire residential mortgage-servicing rights or the outsourcing of new residential mortgage servicing activities to other parties.
The US regulator also imposed limits on US banking arms of JP Morgan Chase and Wells Fargo, EverBank Financial and HSBC Holdings, in addition to the US Bank and Santander.
JPMorgan Chase Bank recently agreed to pay $48m to settle mortgage servicing-related issues with the OCC.
Image: The Office of the Comptroller of the Currency is a division of the US Treasury. Photo: courtesy of Office of the Comptroller of the Currency.
