PHH Corp. (PHH) Comments on NYDFS Settlement; Has Agreed to Pay $28M Civil Penalty
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PHH Corporation (NYSE: PHH) issued the following statement in conjunction with the agreement to settle certain matters regarding legacy mortgage servicing and origination activities of PHH Mortgage Corporation and PHH Home Loans, LLC, as applicable, with the New York State Department of Financial Services (“DFS”).
“We have agreed to resolve concerns raised by the DFS arising from legacy servicing and origination examinations conducted between 2010 and 2014 in order to avoid the distraction and expense of litigation. While we provided detailed responses to the examination findings and worked cooperatively with the DFS on this matter, we concluded that settling these matters is in the best interest of PHH and its constituents. As acknowledged by the DFS in the agreement, PHH has made substantial strides in improving our servicing operations. These enhancements are part of our ongoing investments in compliance, technology, process management, and oversight infrastructure. We remain committed to making necessary enhancements in our operations and serving our customers in a fair and appropriate manner.”
Under the terms of the agreement, PHH will pay a civil monetary penalty of $28 million, engage an independent third-party auditor for a period of 12 months, and conduct a review of a sample of loans originated from 2008 to 2014 to review certain origination practices and disclosures. As previously stated, the agreement will not result in material changes to PHH’s legal reserves or reasonably possible losses in excess of such reserves.
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