Search Results: test Mortgage

New York Department of Financial Services Announces Settlement with Unlicensed Mortgage Lender

​On January 10, 2020, the New York Department of Financial Services (DFS) announced that, in concert with the New York Attorney General (New York AG), it had entered into a consent order and settlement with an unlicensed mortgage-lending business to resolve allegations that the business illegally made predatory, subprime loans in…

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Delaware Consumer Protection Unit Reaches Settlement with Two California Loan Modification Companies

​On July 23, 2019, Delaware’s Department of Justice, Consumer Protection Unit (“Delaware CPU”) announced that it reached a settlement​ with two-California based companies that would require them to cease advertising and selling loan modification and debt relief services in the state of Delaware. According to the cease and desist agreement, the companies and their…

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CA DBO Settles with Mortgage Servicer Over Alleged Failure to Pay Escrow Interest

​On June 18, 2019, the California Department of Business Oversight (DBO) announced that it entered into a ​settlement and consent order with a mortgage servicer over an alleged failure to pay interest on ​escrow impound accounts for 94,483​ residential mortgage loans.​  Servicers are required to pay interest on such accounts under…

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Maryland AG Announces Settlement with Reverse Mortgage Servicer

On April 16, 2019, the Maryland Attorney General (“Maryland AG”), in cooperation​ with Maryland’s Office of the Commissioner of Financial Regulation, announced it had reached a settlement with a Michigan reverse mortgage servicer resolving allegations that the company charged homeowners for home inspection fees in violation of the Maryland Consumer Protection Act, Md. Code…

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Massachusetts AG Obtains $4 Million in Settlement Over Subprime Mortgage Modifications

On December 21, 2018, the Massachusetts Attorney General’s Office (“Mass. AG”) announced that it had reached a settlement with a national mortgage servicer, resolving allegations that the company mishandled mortgage loans in violation of the Massachusetts Act Preventing Unlawful and Unnecessary Foreclosures, a 2012 law designed to protect borrowers from foreclosure caused by unfair terms on subprime mortgages….

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Reverse Mortgage Servicer Settles Alleged FCA Violations with DOJ for $4.25 Million

On December 21, 2018, the U.S. Department of Justice (DOJ) announced a settlement with a mortgage servic​er for $4.25 million, resolving allegations of unlawful reverse mortgage servicing practices. According to the DOJ, the company violated the False Claims Act with respect to its servicing of reverse mortgages, or Home Equity Conversion Mortgage (HECM)…

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BCFP Files Proposed Stipulated Final Judgment with Nevada Mortgage Company Over Misrepresentations

On December 6, 2018, the Bureau of Consumer Financial Protection (“CFPB”) announced that two days earlier it had filed a complain​t and stipulated final judgment and order against a Nevada-based non-bank mortgage company in the U.S. District Court for the District of Nevada.  The mortgage company allegedly violated the Consumer Financial Protection…

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DOJ Settles with Mortgage Lender for $13.2 Million Concerning FHA Mortgage Certifications

​On October 19, the Department of Justice (DOJ) announced that it settled allegations that a Florida-based mortgage lender violated the False Claims Act (FCA) ​by falsely certifying that it complied with Federal Housing Administration (FHA) mortgage insurance requirements for certain loans originated between 2006 and 2011 for $13.2 million. In the lawsuit, which…

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