Residential Credit Solutions, Inc. -- Restitution and CMP
Ft. Worth, TX
Fine Amount:
$100,000
Penalty Type:
Issued by:
The Consumer Financial Protection Bureau has announced it has issued a Consent Order against Residential Credit Solutions, Inc., headquartered in Ft. Worth, Texas, for blocking consumers' attempts to save their homes from foreclosure. The Bureau found the mortgage servicer:
- Failed to honor in-process modifications
- Provided incorrect information
- Misrepresented to consumers that they had extra money in escrow and were due a refund
- Forced consumers to waive certain rights to get a payment plan
The Consent Order requires Residential Credit Solutions, Inc, to:
- Pay $1.5 million in redress to victims
- Engage in efforts to help affected borrowers preserve their homes
- Honor prior loss mitigation agreements
- End all mortgage servicing violations
- Adhere to rigorous servicing transfer requirements
- Make loss mitigation applications readily available
- Pay a $100,000 civil money penalty
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