Borrowers who were subjected to PHH foreclosures during the eligible period will qualify for a minimum $840 payment, while eligible borrowers who faced PHH-initiated foreclosures but did not lose their home will qualify to receive a minimum $285 payment, according to the Ohio AG.
RELATED: Ohio Auditor joins investigation of Wright State H-1B visa issues
Elligible recipients will be contacted by a settlement administrator.
“Mortgage servicing abuses harmed thousands of Ohioans and put numerous families into foreclosure,” DeWine said in a prepared statement. “This settlement continues our work to help affected borrowers receive compensation and to prevent further abusive conduct through new servicing standards.”