California fines United Shore $1.4M for interest overcharges

United Shore Financial Services to Pay Restitution, Penalties (April 14, 2017) – SACRAMENTO – The Department of Business Oversight (DBO) has announced Michigan-based United Shore Financial Services, LLC will pay more than $1.4 million in refunds and penalties to resolve allegations the mortgage lender and servicer overcharged thousands of California borrowers for interest.

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Calif Hits Another Lender for Interest Overcharges 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.

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EXCLUSIVE: California regulator hits Texas lender with fine for illegal interest. The Department of Business Oversight alleged that PrimeLending charged its customers interest on mortgage loans which it had not yet funded. Included in the settlement is a total of $319,524 of refunds to hundreds of customers based on the firm’s own audit of 20,474 loan files. PrimeLending will also pay $1.3 million in penalties.

The settlement also requires United Shore to pay $1.1 million in penalties for the interest overcharges already identified, plus another $125 for each additional violation identified by the self-audits.

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