National mortgage settlement, 2018

The attorney’s general in 49 states, mortgage regulators of 46 states, and the District of Columbia reached a settlement in 2018 requiring PHH to provide $30.4 million in various forms of relief to certain borrowers. The most current agreement was filed in the United States District Court for the District of Columbia on May 10, 2018. The agreement addresses PHH’s alleged misconduct regarding its mortgage servicing and foreclosure practices. PHH created an approximately $24.3 million fund for the approximately 27,708 PHH borrowers whose loans were foreclosed upon between January 1, 2009, and December 31, 2012. In addition, PHH created an approximately $6.2 million fund for the approximately 20,820 PHH borrowers whose loans were referred to foreclosure between January 1, 2009, and December 31, 2012, but who did not ultimately lose their home to foreclosure during that timeframe. PHH must also adhere to significant rules (servicing standards) governing its mortgage servicing and foreclosure activities.

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