EverBank has agreed to pay $37 million to more than 32,000 mortgage borrowers who were foreclosed upon, the Office of the Comptroller of the Currency announced Friday afternoon. Borrowers who were in any stage of foreclosure with EverBank in 2009 or 2010 will be eligible to receive cash payments of between $1,050 and $125,000, plus equity if appropriate.
Borrowers who are eligible will contacted by a paying agent. They do not need to file a request, according the OCC.
The Jacksonville-based bank will also evaluate each eligible borrower currently in the foreclosure process to consider a new loan modification.
And the bank will pay $6.3 million to groups whose primary mission is to provide affordable housing and foreclosure prevention for low- and middle-income families.
The bank was subject to a cease and desist order for unsafe and unsound practices in mortgage servicing and foreclosure processing, and the settlement comes for an investigation begun 2011 over faulty foreclosure processes. The OOC and the Federal Reserve cited 16 banks in the process. EverBank is the 15th to sign an agreement to pay borrowers.
Last month, GMAC Mortgage agreed to make $230 million in cash payments to more than 232,000 borrowers. The other lenders who had previously made similar agreements were Aurora Bank, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.