Santander pays $3.4M for mortgage-servicing order violations

The Office of the Comptroller of the Currency (OCC) has announced it has terminated a mortgage servicing-related consent order against Santander Bank, N.A. (Santander), and assessed a civil money penalty against the bank for previous violations of the orders.

The OCC terminated the consent order against the bank after determining that the institution now complies with the order. The former Office of Thrift Supervision originally issued the order against the bank in April 2011. The OCC later amended it. The termination of the order ends business restrictions affecting Santander that the OCC mandated in June 2015.

The OCC assessed a $3.4 million civil money penalty against Santander.

The OCC found that Santander failed to correct deficiencies identified in the 2011 consent order in a timely fashion. As a result, the OCC determined that Santander violated the 2011 consent order from October 1, 2014 through December 31, 2015.

Santander will pay the assessed penalty to the U.S. Treasury.