California fines United Shore $1.4M for interest overcharges

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United Shore Financial Services, the parent company of United Wholesale Mortgage, will pay $1.4 million as part of a settlement with the California Department of Business Oversight, which accused the lender of overcharging "thousands" of borrowers for interest on their mortgages.

California Mortgage Law Practice Exam. STUDY.. The maximum fine that the California Division of Corporations can levy under the California Finance Lenders Law for a violation of the law or regulations applicable to mortgage lending or loan origination activities is:. A statement that the.

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.

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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 has agreed to pay a total of $1.4 million to consumers and California regulators to settle allegations it collected interest payments it was not entitled to.

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.

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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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