80
NEW JERSEY
PHH Moves Forward
With Updated
Servicing Standards
In a statement released in January, PHH
announced it will implement new servicing
standards as part of a settlement with a multi-
state group of state attorneys general, as well as
following a "testing and reporting process to
ensure compliance with the Servicing Standards
for a period of three years."
e $45 million settlement was reached
between the Mount Laurel, New Jersey-based
PHH and the Multi-State Mortgage Commit-
tee (MMC), a group consisting of state attorneys
general from every state except New Hampshire,
as well as mortgage regulators from 45 different
states.
PHH's statement read that they " … have
agreed to resolve concerns raised by the MMC
arising from its servicing examination conducted
in 2010 and believe that settling this matter is in
the best interest of PHH and its constituents.
Our decision to resolve this legacy matter under
the terms of the settlement agreement and
Connecticut
Planet Realty, LLC
Sales@CTREOTEAM.com
203-982-4985 cell
www.CTREOTEAM.com
Security • Preservation • Disposition
Steve Rivkin
consent orders is not an admission of liability or
that we violated any applicable laws, regulations
or rules governing the conduct and operation of
our servicing business during the relevant time
frame."
PHH also said that, while they would adhere
to the mandated servicing standards, they largely
already line up with PHH's own current internal
servicing standards. "We have made and will
continue to make the necessary enhancements
in our operations to ensure we remain compliant
and continue to serve our customers in a fair and
appropriate manner."
In a press statement, New York Attorney
General Eric T. Schneiderman said, "e fore-
closure crisis continues to devastate communities
across New York. We have zero tolerance for the
types of practices that helped create the crisis—
and will hold mortgage companies to account."
e complaint by the attorneys general
states that, during the period between January 1,
2009, and December 31, 2012, PHH "threatened
foreclosure and conveyed conflicting messages
to certain borrowers engaged in loss mitigation."
PHH is also accused of charging unauthorized
fees for their services. e settlement does not
address any conduct occurring in 2013 or later.
Of the $45 million settlement, $30.4 million
will go to affected borrowers, $8.8 million will go
New Jersey
Lisa G
Lopez
Broker of Record
Home Alliance Realty
142 E. Bay Ave
Manahawkin, NJ 08050
609-978-9009 (o) 609-384-5109 (c)
lglopez@verizon.net
www.HomeAllianceRealty.com
www.LisaLopezProperties.com
RESULTS THROUGH REAL TIME SOLUTIONS.
Strength Through Innovative Leadership.
PROVIDING DEFAULT REAL ESTATE
SOLUTIONS SINCE 1988
Todd Yovino
Broker/Owner
Island Advantage Realty, LLC
Serving Metro New York & Long Island
Todd@iarny.com | 631-820-3400 | www.islandadvantage.com
