Superintendent Maria T. Vullo announced that the New York Department of Financial Services (DFS) fined Nationstar Mortgage LLC $5 million stemming from the company’s failure to develop effective, scalable controls that could keep pace with its rapid growth.
As a result of DFS examinations, Nationstar already has made restitution of $7 million to New York borrowers and will donate $5 million in residential real property or first-lien mortgages to one or more non-profit organizations to assist in the rehabilitation of vacant and abandoned properties.
Read on for details of the infractions found by DFS examiners.
TO READ THE FULL STORY
Cover Story: