$45M settlement with national mortgage corporation could benefit Alabamians

"This settlement sets up strict requirements for servicing standards to help ensure that PHH can no longer improperly service mortgages", Paxton state

“This settlement sets up strict requirements for servicing standards to help ensure that PHH can no longer improperly service mortgages”, Paxton stated.

OH is one of 49 states, plus the District of Columbus, that has reached a $45 million settlement with New Jersey-based mortgage lender and servicer PHH Mortgage Corp. That’s why a move by Pennsylvania Attorney General Josh Shapiro will come as good news to thousands of Pennsylvania homeowners.

Almost 300 Mississippians will receive a note in the mail in the coming months informing them of eligibility for payments starting at $285 after a $45 million settlement was reached with New Jersey-based mortgage lender and servicer PHH Mortgage Corporation for the company’s improper servicing of mortgage loans.

“This settlement holds PHH accountable for the harms that 67 Hawaiʻi borrowers suffered from improper loan servicing”, said Attorney General Chin.

It said regulators’ complaints focused on “legacy mortgage-servicing activities” from 2009 through 2012.

Under the settlement, the company will pay at least at least $840 each to borrowers subjected to PHH foreclosures during the 2009-12 period.

The settlement includes $30.4 million in restitution for borrowers nationwide, including an estimated $1.2 million for an estimated 2,266 Pennsylvanians victims. Borrowers who didn’t lose their homes but faced foreclosures that PHH initiated may also qualify for payments. PHH also must pay $8.8 million to state mortgage regulators as an administrative penalty, according to the settlement.

The settlement resolves allegations that PHH, the nation’s ninth largest non-bank residential mortgage servicer, improperly serviced mortgage loans over a four year period from January 1, 2009 through December 31, 2012.

These deficiencies were identified during a multi-state examination of the company conducted by Arizona, Georgia, Louisiana, Massachusetts and NY.

PHH has drastically cut its employment in the Buffalo area.

PHH’s parent company – PHH Corporation – noted in a statement that the settlement doesn’t mean that the company is admitting liability for violation of the law.

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