PHH Mortgage Corp. announced a settlement to allegations of improperly services loans from 2009-2012, saying the terms of the agreement largely match the company’s practices today.
“In fact, the servicing standards that we are required to adopt under the terms of the settlement are largely PHH’s servicing standards today,” PHH said.
The settlement with 49 state attorneys general, the District of Columbia and more than 45 state mortgage regulators will total $45 million, including more than $30 million in redress to borrowers.
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