Multi-State Mortgage Committee

Last week, regulators from 49 states and the District of Columbia announced a $45 million settlement with PHH Mortgage Corporation. Left unsaid was how that settlement would become legally enforceable and whether it would fully exonerate PHH. The answers to those questions are: the settlement will become enforceable through the Dodd-Frank Act and, no, PHH could face further liability.
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Prospect Mortgage LLC, a nonbank lender headquartered in Sherman Oaks, California, and the Multi-State Mortgage Committee (MMC), a representative body of state mortgage regulators representing the examination interests of combined states relating to lenders operating in multiple states, announced a $10.1 million settlement between Prospect and 50 state mortgage regulators.
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