Regulatory Alerts2026-08-13
Added · Updated
Settlement Agreement and Consent Order NewRez LLC
This Settlement Agreement and Consent Order resolves findings from a multi-state mortgage loan servicing examination of NewRez LLC, which identified noncompliance with the Real Estate Settlement Procedures Act (RESPA) and Regulation X regarding lender-placed insurance (LPI). NewRez will pay a monetary settlement of $15,500,000, comprising an administrative penalty, administrative costs, and a credit for consumer remediation, due within 30 days of the Effective Date. NewRez must also implement enhanced servicing review standards within 90 days, including monthly testing of LPI placement for one year, and conduct a self-audit for LPI errors from January 1, 2023, through the Effective Date, refunding affected borrowers for any erroneously placed LPI. In exchange, the Participating States release NewRez from civil or administrative claims related to the identified LPI conduct between November 1, 2020, and the Effective Date.
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