For the second time this month, a mortgage lender has agreed to settle allegations by the Golden State of illegal interest charges. The latest settlement also resolves charges of unlicensed servicing.
On Dec. 4, the California Department of Business Oversight announced that Nationstar Mortgage LLC, which does business as Mr. Cooper, agreed to a more than $9 million settlement.
Nationstar was accused of charging interest on nearly 50,000 new mortgages prior to the disbursement of loan proceeds — in violation of state law.
Source: Mortgage Daily