Economy

PHH Mortgage to pay $1.2 in restitution to Pennsylvania borrowers

PHH Corp. agreed to pay $45 million to settle allegations by 49 states, including New Jersey and Pennsylvania, that the Mount Laurel company improperly serviced mortgages between 2009 and 2012, several state attorneys general said Wednesday.

A million-dollar settlement has been reached and Alabamians may be able to cash in after officials say a national mortgage corporation improperly serviced mortgage loans. It also pays $30.4 million to borrowers, lawyers' fees to state attorneys general and payments to state mortgage regulators. That's why a move by Pennsylvania Attorney General Josh Shapiro will come as good news to thousands of Pennsylvania homeowners.

The company will follow comprehensive mortgage servicing standards, conduct audits and provide results to states under the deal. It said standards imposed under the settlement "are largely PHH's servicing standards today". "We have made and will continue to make the necessary enhancements in our operations to ensure we remain compliant and continue to serve our customers in a fair and appropriate manner".

Porrino said the settlement was meant to ensure PHH "doesn't repeat the kind of conduct that led to its questionable mortgage practices, and to provide financial relief to aggrieved homeowners".

Schneiderman said borrowers who went through PHH foreclosures from 2009 through 2012 will qualify for a minimum $840 payment.

The company is expected to make direct payments totaling nearly $750,000 to about 2,000 borrowers in New Jersey, according to Porrino. Borrowers who faced PHH foreclosures started by PHH during the eligible period, but who did not lose their home, will receive minimum payments of $285.

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.

He also noted Wednesday's agreement does not release PHH from liability for actions that occurred beginning in 2013. NY officials announced the settlement on Wednesday - which appears to be the same day the complaint was filed publicly - and noted that 1,600 New Yorkers will be eligible for payouts from the settlement.

About 1,600 NY state residents are eligible for payments.



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