LAWSUITS NEWS & LEGAL INFORMATION
Unregistered Loan Officers
Louisville, KY: (Jan-09-08) The Kentucky Office of Financial Institutions (OFI) brought charges against Nationstar Mortgage LLC, alleging that the company employed numerous unregistered loan officers. The suit was filed after the office conducted an investigation of the company's offices in Louisville and Lewisville, in 2006, revealing the discrepancies.
As part of a settlement reached, sources stated that the company agreed to pay $105,000 to the Office of Financial Institutions to resolve allegations. Officials said that the money will go toward the Nationwide Mortgage Licensing System, a collaborative effort among state regulators to bring greater efficiency and accountability to the mortgage industry by creating a standardized system for licensing. Additionally, under the deal, OFI also has been directed to adjust loans where violations might have occurred in regard to the refinancing terms. The adjustments include refunded fees and reinstated and reduced interest rates. Nationstar, formerly known as Centex Home Equity Co., does not admit liability, but agreed to settle to avoid prolonged litigation. [LOUISVILLE BUSINESS JOURNAL: LOAN OFFICERS]
Published on Jan-10-08
As part of a settlement reached, sources stated that the company agreed to pay $105,000 to the Office of Financial Institutions to resolve allegations. Officials said that the money will go toward the Nationwide Mortgage Licensing System, a collaborative effort among state regulators to bring greater efficiency and accountability to the mortgage industry by creating a standardized system for licensing. Additionally, under the deal, OFI also has been directed to adjust loans where violations might have occurred in regard to the refinancing terms. The adjustments include refunded fees and reinstated and reduced interest rates. Nationstar, formerly known as Centex Home Equity Co., does not admit liability, but agreed to settle to avoid prolonged litigation. [
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