QuoteEverBank Financial Corp — the biggest bank in Florida — has been scolded by federal regulators for the third time in four years, with regulators saying it "continues to engage in unsafe and unsound practices."
As a result, it is limited from taking on any new business in certain areas unless it gets permission from the federal government.
Under a June 16 directive from the U.S. Office of the Comptroller of the Currency, Jacksonville-based EverBank (NYSE: EVER) was found to be in noncompliance with four actionable items related to a consent order issued in 2011 and amended in 2013.
The OCC found in 2011 that the bank, known for its online business model, engaged in "unsafe and unsound practices in mortgage loan servicing and foreclosure processing," and the company was brought up on amended charges by regulators again in 2103.
Under EverBank's amended consent order, the bank needs permission to execute new mortgage servicing contracts, to outsource mortgage-servicing activities and to hire new senior officers responsible for residential mortgage service and related tasks.
As part of its compliance program, EverBank has to make sure its mortgage servicing and foreclosure operations function within the law, including making sure that all fees charged are in accordance with the mortgage note and that customers in bankruptcy are treated properly.
http://www.bizjournals.com/jacksonville/news/2015/06/19/new-restrictions-for-everbank-which-feds-say.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+bizj_jacksonville+%28Jacksonville+Business+Journal%29 (http://www.bizjournals.com/jacksonville/news/2015/06/19/new-restrictions-for-everbank-which-feds-say.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+bizj_jacksonville+%28Jacksonville+Business+Journal%29)
Well after reading this article it looks as the Gator Bowl aka EVERBANK Stadium may need a new name soon?
Highly doubtful.
Didn't they buy some company that was doing the bad mortgage stuff and inherited the problems?
EverBank is exiting most of these businesses. Regulators are usually a year to 18 months behind in exacting punishment.
They already sold off one of their servicing operations.