920 Alabamians Eligible For Compensation From $45 million Mortgage Settlement

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920 Alabamians Eligible For Compensation From $45 million Mortgage Settlement

Alabama Attorney General Steve Marshall announced a settlement with one of the largest mortgage companies in the nation.

AG Marshall along with 48 other state Attorney Generals, the District of Columbia, and 45+ state mortgage regulators reached a $45 million settlement with PHH Mortgage Corporation (PHH).

The settlement stemmed from allegations against PHH – a New Jersey-based mortgage lender – of improperly serviced mortgage loans from January 1, 2009, through December 31, 2012.

PHH is the nation’s ninth largest non-bank residential mortgage service.

According to AG Marshall:

“Approximately 920 consumers in Alabama may be eligible for compensation and will be contacted in the future by a national settlement administrator who will be chosen and retained by the multi-state group’s executive committee.”

Borrowers who were subjected to PHH foreclosures during the eligible period will qualify for a minimum $840 payment, and borrowers who faced foreclosures that PHH initiated during the eligible period, but did not lose their home, will receive a minimum $285 payment.

The agreement also 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 from liability for conduct that occurred beginning in 2013.

“I am pleased that this settlement will return funds to consumers in Alabama and nationwide who may have been harmed by improper mortgage loan servicing,” said Attorney General Marshall. “It is important that this agreement also requires new standards to help keep these problems from recurring.”

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920 Alabamians Eligible For Compensation From $45 million Mortgage Settlement

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Staff Writers

The staff writers at Cullman Today are a collaborative group of citizen reporters sharing the writing of stories based upon their personal interests and work schedules.

The staff writers at Cullman Today are a collaborative group of citizen reporters sharing the writing of stories based upon their personal interests and work schedules.