Nearly 1,100 Virginia residents are eligible for payments from a settlement involving improper servicing of mortgage loans, Virginia’s attorney general’s office said.
The borrowers are expected to receive compensation totaling more than $630,000 as part of a $45 million settlement with New Jersey-based mortgage lender and servicer PHH Mortgage Corp., Attorney General Mark R. Herring’s office said.
Federal prosecutors alleged PHH violated standards for underwriting government-backed mortgages, submitting defective loans for government insurance. PHH said it settled without admitting liability to avoid the distraction and expense of litigation.
