A settlement has been reached in a lawsuit spanning 48 states, including Arizona, accusing a mortgage lender of shoddy business practices.
Arizona Attorney General Mark Brnovich, 48 other state attorneys general and the District of Columbia have finalized a $45 million settlement with PHH Mortgage Corporation. The New Jersey-based mortgage lender and servicer is the nation’s 9th largest residential mortgage service company.
The deal resolves allegations that PHH overcharged borrowers and didn’t give customers credit for payments made in a timely manner, along with other charges.
Fifty-two thousand borrowers qualify for funds from the settlement. Two thousand Arizona families are estimated to be among them.
