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$45 Million Multi-State Settlement with PHH Mortgage Corporation

TRENTON  -- Attorney General Christopher S. Porrino announced  that New Jersey has entered into a $45 million multi-state settlement with PHH Mortgage Corporation that resolves allegations the New-Jersey-based company improperly serviced mortgage loans during a four-year period. In addition to New Jersey, the overall settlement involves Attorneys General and state mortgage regulators from more than 45 states and the District of Columbia.

The nation’s ninth largest non-bank residential mortgage servicer, PHH was accused of improperly servicing mortgage loans from January 1, 2009 through December 31, 2012.

The agreement announced  requires PHH to adhere to comprehensive mortgage servicing standards, conduct audits, and provide audit results to a committee of states. The settlement does not release PHH, which is headquartered in Mount Laurel, from liability for conduct that occurred beginning in 2013.

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“This settlement holds PHH accountable for harm suffered by a significant number of borrowers in New Jersey and across the nation as a result of improper mortgage servicing,” said Attorney General Porrino. “The agreement requires new servicing standards to help ensure that PHH doesn’t repeat the kind of conduct that led to its questionable mortgage practices, and to provide financial relief to aggrieved homeowners. We remain committed to ensuring that companies who loan money to New Jersey homeowners do so in a manner that is transparent and fair.

Mississippians eligible for payment from settlement with PHH Mortgage Corp.

Errors on the part of a New Jersey mortgage company will end up paying dividends for a couple hundred Mississippians.

Nearly 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.

PHH, the nation’s ninth largest non-bank residential mortgage servicer, improperly serviced mortgage loans from January 1, 2009 through December 31, 2012.

Examples of these improper services included but were not limited to: failing to maintain accurate account statements, failing to timely and accurately apply payments made by borrowers, failing to properly process borrowers’ applications for loan modifications and failing to maintain adequate documentation to determine whether PHH had standing to foreclose.

Mortgage Investment Companies in British Columbia?

Who has invested in a Mortgage Investment Company in British Columbia? Have you made money on it? I am considering entering into an investment with Cooper Pacific Investment Company or Pioneer West. Any advice?

Mortgage investment companies invest in risky mortgages and construction projects. And often operate without the transparency other public companies do. In a high interest rate environment, this can be very risky.

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