Caption

Ohio reaches $45M settlement with mortgage lender

The attorneys general of 49 states and Washington, D.C., reached a multi-million-dollar settlement with a mortgage lender accused of improperly servicing loans.

PHH Mortgage Corporation of New Jersey agreed to a $45-million settlement with the attorneys general of all but one state and more than 40 state mortgage regulators, according to a press release from Ohio Attorney General Mike DeWine’s office.

RELATED: Man tells police he accidentally shot himself, causing a car crash

DeWine, who is running for the Republican nomination for Ohio governor, was one of the 49 attorneys general PHH settled with.

More than $30 million of the settlement has been designated for payments to affected borrowers, and about 2,000 Ohio borrowers are expected to qualify for payments totaling more than $1.2 million, according to DeWine’s office.

Recommended for you

Recommended for you

Recommended for you

Most read

  1. 1 Ohio Rep says sheriffs should 'completely ignore' Kasich's order
  2. 2 Reported police activity south of Brookville blocks Wolf Creek Pike
  3. 3 Dayton to get athletic fields, pickleball courts, band shell

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.”

More from Daytondailynews