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In November 2014, an Administrative law judge decided that PHH had paid illegal kickbacks in violation of the Real Estate Settlement Procedures Act by referring consumers to mortgage insurers who would pay a reinsurance premium to a PHH subsidiary, fining the company $6.5 million. [5] PHH appealed to Consumer Financial Protection Bureau ...
A Georgia homeowner was awarded $21 million in a lawsuit against one of the largest mortgage servicers in the nation. The homeowner, David Brash, a U.S. Army sergeant, claimed that PHH incorrectly ...
Complaints lodged with the BBB fell about 7%, to 927,000. In practical terms, those numbers suggest that more Americans are being smart about their shopping, looking into businesses' reputations ...
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector.CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the ...
If a business doesn't clear up a pattern of complaints, BBB lowers that company's letter grade or puts custom language on its profile to warn the public about the potential problem, McGovern said.
PHH's businesses of mortgage brokerage, relocation services, and fleet management were expected to synergize with HFS's real estate and car rental businesses. [ 25 ] However, later that year, Silverman led HFS into what would prove a disastrous merger with CUC International , a direct marketing company that operated discount membership programs ...
Ameriquest was founded in 1979 by Roland Arnall, in Orange County, California, as a savings and loan association, or thrift, called Long Beach Savings & Loan.After moving to Long Beach, California and being converted to a pure mortgage lender in 1994, the company was renamed Long Beach Mortgage Co.
Key takeaways. Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial ...