Washington, D.C. – Now the consumer Financial Shelter Agency (CFPB) grabbed action facing Michigan-depending Flagstar Lender for violating the latest CFPB’s new mortgage servicing laws by the dishonestly clogging borrowers’ tries to save yourself their houses. At every help the newest foreclosure save processes, Flagstar failed consumers. The financial institution grabbed too-much time for you to procedure borrowers’ programs to possess foreclosure recovery, did not give individuals when its applications was in fact partial, refuted loan adjustment so you’re able to qualified individuals, and you will dishonestly postponed signing long lasting mortgage variations. The brand new CFPB try purchasing Flagstar to prevent its unlawful facts, spend $twenty-seven.5 million in order to subjects, and you can pay a $10 mil okay.
“On account of Flagstar’s unlawful procedures and you may unacceptable waits, having difficulties residents lost the ability to save yourself their houses,” told you CFPB Movie director Richard Cordray. “The Bureau could have been clear one to mortgage servicers need to realize our the fresh new maintenance statutes and you can remove home owners rather.
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