Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Mortgage Research Center LLC dba VAMortgage Center
Penalty: $1,104,000
Year: 2017
Date: August 10, 2017
Offense Group: consumer-protection-related offenses
Primary Offense: mortgage abuses
Violation Description: Mortgage Research Center, LLC, doing business as VAMortgage Center and/or Veterans United Home Loans, agreed to pay approximately $604,000 in restitution to New York consumers, primarily veterans, as part of a consent order entered into with the Department of Financial Services. The agreement stemsmedfrom an examination of Veterans United that found, in at least 322 cases, that the company did not refund surplus lender credits to New York borrowers who had obtained from Veterans United a credit to cover estimated closing costs by agreeing to a higher interest rate when the ultimate closing costs were lower than such estimated costs.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.