(Reuters) – PHH Corp will pay a $28 million fine after examiners uncovered “persistent shortcomings” in its mortgage origination and servicing practices, New York Governor Andrew Cuomo announced on Wednesday.
The settlement with the company’s PHH Mortgage Corp unit and its PHH Home Loans LLC affiliate requires them to hire a third-party auditor, under a consent order for violations of federal and state laws designed to protect homeowners, Cuomo said.
Source: Reuters
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