EverBank to Pay Borrowers $37 Million Over Foreclosure Missteps

EverBank Financial Corp. (EVER) will make $37 million in cash payments to past mortgage borrowers to settle claims it improperly handled foreclosures, the Office of the Comptroller of the Currency said in a statement.

With the agreement, EverBank joins 14 other loan servicers that struck similar deals with the OCC and Federal Reserve this year, including JPMorgan Chase & Co. (JPM), Bank of America Corp. and Ally Financial Inc. (ALLY)’s GMAC Mortgage, which settled last month. EverBank will send payments ranging from $1,050 to $125,000 to 32,000 eligible borrowers, the OCC said in the statement today.

Settlements reached since January with 15 of the largest U.S. mortgage servicers, totaling more than $3.8 billion, will close the books on complaints over mishandled foreclosures after the 2008 credit crisis. The deal with Jacksonville, Florida-based EverBank ends a process the company agreed to in 2011 to have individual foreclosures reviewed for harm.

The company also agreed to pay about $6.3 million to groups that provide help with affordable-housing and foreclosure assistance.

To contact the reporter on this story: Jesse Hamilton in Washington at jhamilton33@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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