Violation Tracker Individual Record

Company: 
Residential Credit Solutions, Inc.
Penalty: 
$1,600,000
Year: 
2015
Date: 
July 30, 2015
Primary Offense: 
consumer protection violation
Secondary Offense: 
mortgage abuses
Violation Description: 

The Consumer Financial Protection Bureau took action against Residential Credit Solutions, Inc. for blocking consumers' attempts to save their homes from foreclosure. The mortgage servicer failed to honor modifications for loans transferred from other servicers, treated consumers as if they were in default when they weren't, sent consumers escrow statements falsely claiming they were due a refund, and forced consumers to waive their rights in order to get a repayment plan. Residential Credit Solutions agreed to pay $1.5 million in restitution to victims and a $100,000 civil money penalty for its illegal actions.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.