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Regulators: Banks still failing mortgage service tests

The Office of the Comptroller of the Currency said last week that it has restricted mortgage servicing operations at Wells Fargo, Chase, U.S. Bancorp, Santander Bank, EverBank Financial Corp. and HSBC Holdings.

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Four years after pledging to clean up wide-ranging foreclosure abuses, Wells Fargo & Co., JPMorgan Chase & Co. and four other banks still aren’t complying with customer-service standards imposed by a federal regulator.

The Office of the Comptroller of the Currency said last week that it has restricted mortgage servicing operations at Wells Fargo, Chase, U.S. Bancorp, Santander Bank, EverBank Financial Corp. and HSBC Holdings.

“We’re not satisfied with where they are at this point in time,” Morris Morgan, deputy comptroller for large banks, said during a conference call.

By contrast, the agency said it had lifted consent orders against Bank of America Corp., Citigroup Inc. and PNC Financial Services, finding that they have complied with the orders issued in April 2011 and amended in February 2013.

Morgan said regulators expect that Wells Fargo, Chase and the other four noncomplying banks to take “months, not years,” to meet servicing standards.

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