To resolve allegations of violating the False Claims Act by knowingly originating and underwriting mortgage loans that did not meet applicable requirements, United Shore Financial Services, LLC recently agreed to pay a settlement of $48 million, plus 1 percent interest, to the United States.
The company was not required to submit loans to the Federal Housing Administration for review prior to approving them as a participant in the direct endorsement lender program. Read on to learn what violations are specified in the settlement.