OCC Terminates Mortgage Servicing-Related Consent Order Against Wells Fargo Bank, Issues $70 Million Civil Money Penalty

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OCC Terminates Mortgage Servicing-Related Consent Order Against Wells Fargo Bank, Issues $70 Million Civil Money Penalty

OCC Terminates Mortgage Servicing-Related Consent Order Against Wells Fargo Bank, Issues $70 Million Civil Money Penalty

NR 2016-61
Contact: Bryan Hubbard
(202) 649-6870

OCC Terminates Mortgage Servicing-Related Consent Order Against Wells Fargo Bank, Issues $70 Million Civil Money Penalty

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), and assessed a $70 million civil money penalty against the bank for previous violations of the order.

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

The OCC also assessed a $70 million civil money penalty against the bank. The OCC found that Wells Fargo failed to correct deficiencies identified in the 2011 consent orders in a timely fashion. As a result, the OCC determined that Wells Fargo violated the 2011 consent order from October 1, 2014, through August 31, 2015. The OCC further found that, between December 1, 2011, and March 31, 2015, Wells Fargo filed payment change notices in bankruptcy courts that did not comply with bankruptcy rules and safe and sound banking practices. The OCC also found that, between March 2013 and October 2014, Wells Fargo made escrow calculation errors that in some cases led to incorrect loan modification denials and constituted unsafe or unsound banking practices.

Wells Fargo will pay the assessed penalty to the U.S. Treasury.

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One Response to “OCC Terminates Mortgage Servicing-Related Consent Order Against Wells Fargo Bank, Issues $70 Million Civil Money Penalty”

  1. DonDadda says:

    This is such a joke,it makes the OCC look like what they are,JOKERS,I recently submitted a complaint to these JOKERS on Wells Fargo who was the bank that considered me a “Premiere Client” for 14 years.

    That premiere client status gets you their premiere screwing,past loans paid on time and in full,many accounts,financial adviser,IRA,my sons accounts,mothers accounts and loan,free safe deposit box and lies,deception,misleading information.

    No doc,interest only for 10 years meant to be 10 months by my broker who did 15 or so loans for me,who stalked me daily on this on,lawyer for Wells Fargo create any document needed to win,No doc yet they have a full loan app,hmmm whered that come from?
    Phony assignment to phony trust 6 years past the cut off dates,robo signed NOD,and NOS,WF on the HUD 1,claims they paid 134 at closing for my 2nd that I had paid in full 2 months prior,had cancelled chks,and statement showing zero balance.

    Judges dont care they dismiss and stick you with lawyer fees,my own lawyer lied to me in a email about the court and moving my case to his handpicked judge then tells me he did it 2 mins later,I google the judge and she is accused of running a deed racket in her court with another judge and the head of the bar in Bev Hills,still pending today.

    I have had 2 lawyers take my money and vanish,one who took my money but was working with the enemy,one who had no issue getting a TRO,pretending their ready to go to war for you as thats what they are charging for,then your case gets dismissed and they continue to charge you a monthly fee until you cancel your account at the bank and open a new one.

    Now in BK court another sham with higher stakes and bigger price tag,same lies except they cut a little slack when you admit your stupid for getting suckered in the first place.
    Case will be dismissed and I will have to sell before the reaper comes to collect the bill for the grocery.
    Tried to fight the good fight for those who lost their homes to this fraud but its become a drag now,credit is ruined,spent an arm,and worst of all its destroyed my view of this country and justice,judges,lawyers and the entire real estate and housing finance industries that I was a part of.

    CROOKS AND CORRUPTION THESE ARE FIBERS THAT MAKE ARE COUNTRY GREAT.

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