Jacksonville, Fla.-based EverBank has agreed to a roughly $37 million cash settlement to compensate more than 32,000 borrowers that it foreclosed on in 2009 and 2010. Qualifying borrowers will receive between $1,050 and $125,000 each. On top of the consumer payouts, EverBank will direct $6.3 million to organizations that assist low- and moderate-income people with housing issues.
The pact with the Office of the Comptroller of the Currency was reached after EverBank was delivered a cease-and-desist order for unsafe and unsound mortgage servicing practices and foreclosure processing. It effectively terminates the independent foreclosure review process that was mandated under that order.
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