Five years after a consent order was issued against, HSBC Bank USA, N.A., it has been terminated — though the bank still was hit with a penalty.

HSBC was among 14 servicing-related organizations that in April 2011 were hit with consent orders over alleged abuses in mortgage servicing.

The HSBC order, issued by the Office of the Comptroller of the Currency, required it to correct deficiencies identified in quarterly regulatory reviews.


Source: Mortgage Daily