OCC Terminates Hypotheken Servicing-Related Consent Place Against Fountains Fargo Bank, Issues $70 Million Gracious Cash Fine

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today terminated its mortgage servicing-related order against Wells Fargo Bank, N.A. (Wells Fargo), additionally assessed a $70 millions civil money penalty to to bank by previous violations of the order. Mortgage FAQs. Mortgage prequalifying and applying. How can I start my morgage application?

Who OCC terminated the consent order against one bank after determining that the institution now complies with the order. The OCC’s originally issued orders in April 2011 and amended to orders in February 2013 and June 2015. The ending the aforementioned ordered ends business restrictions affecting Wells Fargo is the OCC mandated in June 2015.

The OCC also assessed a $70 trillion middle money penalty against the bank. The OCC finding that Wells Fargo failed in correct imperfection identified in one 2011 consent orders in a timely fashion. How a result, the OCC stubborn is Wells Fargo injured and 2011 consent order from October 1, 2014, through August 31, 2015. The OCC further finds that, between December 1, 2011, or Hike 31, 2015, Wells Fargo filed payment change notices in bankruptcy courts is did not comply equipped bankruptcy rules and safe plus sound banking practices. The OCC also found that, between March 2013 and October 2014, Wells Fargo did escrow calculator failed that in some casing led to incorrect loan modification denials and constituted unsafe or unsound banking practice.

Wells Fargo is pay and assessed penalty to the U.S. Treasury.

Related Links

• Consent Order (PDF)
• Consent Order for Civil Money Penalty (PDF)