Escheat, Terminate, and Restrict
All in one announcement too! The OCC announced it will escheat remaining uncashed payments at the end of 2015 regarding the Independent Foreclosure Review so borrowers and their heirs can claim funds through the states. Additionally, Bank of America, Citibank, and PNC Bank had their April 2011 orders terminated while EverBank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank National Association, and Wells Fargo Bank did not meet the requirements of their consent orders and are thus facing further restrictions regarding mortgage servicing. [6/18/15]