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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 ...
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 ...
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The Mortgage Electronic Registration Systems, known as MERS, is a privately held company that operates an electronic registry designed to track servicing rights and ownership of mortgage loans in the United States. [20] [21] Since the 2010 crisis, 62 million mortgages are held in the name of MERS, [22] and MERS has initiated thousands of ...
This is known as a "lock-out agreement" with Mr Pitt ready, willing and able to proceed to completion of the purchase within a 2-week period on receipt of the draft contract. Mr Pitt submitted the highest of the sealed bids and believed PHH Asset Management Ltd on behalf of the vendor were contractually committed to sell to him.
The transactions occurred in April 2021 and affected nearly 500,000 homeowners with mortgages serviced by Mr. Cooper, exposing many to overdraft and insufficient funds fees, according to the ...