HSBC fulfills the terms of its servicing settlement agreement

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HSBC has fulfilled its obligation under the National Mortgage Settlement and will no longer be monitored for compliance.

The bank did not fail any of the 34 metrics during the third and fourth quarters of 2016, said Joseph A. Smith Jr. in a report to the U.S. District Court for the District of Columbia.

This report covers the February 2016 $470 million settlement involving allegations HSBC engaged in abusive practices in its foreclosure, origination and servicing operations.

HSBC had previously completed its consumer relief requirements but was still being monitored for compliance through the end of last year as per the terms of its settlement.

"HSBC has completed its obligations to the NMS," Smith said in a press release. "The servicer will continue to remain accountable to servicing-related rules issued and enforced by the Consumer Financial Protection Bureau."

In January, HSBC was fined $32.5 million by the Office of the Comptroller of the Currency for failing to comply with a 2011 consent order.

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