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Loss mitigation problems lead to enforcement against mortgage servicer
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Case Law, Consumer Protection
Tuesday, August 4, 2015
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A mortgage servicing company will pay $1.5 million in restitution, along with a $100,000 civil penalty, as a result of an enforcement action handed down by the Consumer Financial Protection Bureau. The bureau cited the servicer for misrepresentations in its loss mitigation programs and communications with consumers. Read on to find out what steps the servicer could have taken to avoid the enforcement action.
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