OCC Removes Mortgage Servicing-Related Restrictions on Delaware and Ohio-Incorporated Banks

Mortgage Servicing OCC

On February 9, the OCC terminated mortgage servicing-related consent orders against Delaware and Ohio-incorporated banks. The OCC determined that the two banks now comply with the original April 2011 consent orders and lifted business restrictions placed on the banks last year, having amended the orders in February 2013 and June 2015. The OCC simultaneously announced $3.4 million and $10 million civil money penalties, to be paid to the U.S. Treasury, against the Delaware and Ohio-incorporated banks, respectively, for their failure to correct deficiencies in the 2011 consent orders in a “timely fashion.”