Regulatory Alerts2018-01-05
Added · Updated
Settlement Agreement and Consent Order - PHH Mortgage Corporation
PHH Mortgage Corporation must pay $31,456,210 to a Settlement Administrator for cash payments to borrowers affected by foreclosure and servicing issues between January 1, 2009, and December 31, 2012. The company is also required to pay an administrative penalty of $8,823,515, distributed among Participating States, within fifteen calendar days of the agreement's effective date. PHH must implement specific mortgage servicing standards by January 1, 2018, and submit quarterly compliance reports and audit results for a three-year period commencing that date. Failure to comply with these terms allows State Mortgage Regulators to pursue enforcement actions, including license suspension or revocation.
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