California fines United Shore $1.4M for interest overcharges

Accused of operating in state without a license, plus per diem violations. This was also the second time in five years that Movement has run afoul of the CDBO. In 2012, California examiners found per diem overcharges in Movement’s loans. After that examination, Movement refunded nearly $7,300 to 65 customers.

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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The United Wholesale Mortgage’s parent company, United Shore Financial Services ("United Shore"), agreed to pay a substantial fine of $1.4 million in refunds, provide self-audits of loans made between June 2015 and February 2018, and pay restitution to affected borrowers based on the results of those audits.

California fines United Shore $1.4M for interest overcharges New Fed buys Commonwealth Mortgage to expand beyond New England LendingTree site shows consumers available home equity

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This bill would prohibit the term of imprisonment for nonpayment of a fine from exceeding one day for each $125 of the base fine or the term for which the defendant may be sentenced. The bill would require the penalties and assessments imposed on the base fine, if an amount of the base fine is not satisfied by jail credits or community service.

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