WSFS pays $85,265 over not informing insurers about loan servicing changes

WSFS Bank agreed to a penalty from the Office of the Comptroller of the Currency over not informing flood insurance carriers about a change of servicing of a mortgage.
The Consent Order cited a violation of the Flood Disaster Protection Act in giving timely notice of servicer’s identity after a transfer of servicing rights.
As part of WSFS Bank’s remediation efforts, management implemented a corrective action plan to ensure that insurance providers receive timely notice of servicing transfers for all loans transferred or sold that involve improved real property located in a flood zone. No customers were affected.
WSFS Bank agreed to pay $85,265 to the National Flood Insurance Program.
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