Violation Tracker Individual Record

Company: 
PHH Mortgage Corporation
Current Parent Company: 
Ocwen Financial
Penalty: 
$28,000,000
Year: 
2016
Date: 
November 9, 2016
Offense Group: 
financial offenses
Primary Offense: 
mortgage abuses
Violation Description: 

PHH Mortgage Corporation and its affiliate, PHH Home Loans LLC, agreed to pay a $28 million fine and engage a third-party auditor as part of a consent order for violations of federal and New York laws designed to protect homeowners. The consent order between the two companies and the Department of Financial Services was reached following a series of examinations that uncovered persistent shortcomings in their mortgage origination and servicing practices, including discrepancies in how mortgage foreclosures were documented and processed.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Department of Financial Services
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
USA
HQ State of Parent: 
Georgia
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
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.