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Cendant Mortgage

10637 McClemont Ave, Tujunga, Homes for Sale

cel:818.262.5446 email:800041.lead@cendant.lead Shelley Rizzotti cel:818.516.6409 email:800041.lead@cendant.lead Ewing &amp ...

Realogy, PHH Corporation to pay $17M to settle kickback suit

Brokerage conglomerate Realogy and mortgage provider PHH Corporation will pay $17 million to settle a class action lawsuit alleging a years-long kickback scheme.

The settlement, recently approved by a California judge, stems from a 2015 lawsuit that accused Realogy and PHH of funneling title insurance business to Title Insurance Group, a Realogy subsidiary.

They did so through a business called PHH Home Loans, which facilitated the arrangement in violation of the Real Estate Settlement Procedures Act (RESPA), a 1974 law aimed at protecting homeowners from such schemes.

According to the lawsuit, the groundwork for the scheme was laid in 2005 when Realogy was spun off from its predecessor, Cendant Corporation. That year, Cendant also spun off its mortgage business, which became PHH. But PHH and Cendant then entered a series of agreements to maintain close business ties.

“When thoroughly analyzed and stitched together, this seemingly disparate set of corporate-level commitments, preferences, exclusivities, and referrals… had the design and effect of guiding and pushing unwitting consumers through the home-buying process in a manner that caused the consumers not to use competing settlement service providers,” the plaintiffs argued.

Rebecca Steele, the “face of the housing crisis,” finds new home at nonprofit credit counselor

Rebecca Steele, who the New York Times once referred to as the “ face of the housing crisis ,” has now been hired as the president and CEO of the National Foundation for Credit Counseling .

But taking up the mantle of CEO of a credit education nonprofit is a far cry from the world Steele came from.

Steele formerly served as the chief operating officer of the Full Spectrum Lending Division at Countrywide . Under her leadership, the Full Spectrum Lending Division underwent reorganization and implemented Countrywide’s “High Speed Swim Lane” or “HSSL” loan origination process.

The HSSL or “Hustle” program was known for its breakneck pace of loan underwriting.

In 2013, a  federal jury ruled  that Bank of America and Countrywide were liable for defrauding  Fannie Mae  and  Freddie Mac  by selling toxic mortgage loans to the government-sponsored enterprises.

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