A mortgage company has been brought under fire for allegedly signing incomplete or false foreclosure affidavits.
PHH Mortgage Company has been fined $290,000 for using someone else's signature or closing on documents with the knowledge they would later by altered by its attorneys.
The violations were discovered during a recent investigation of 20 Illinois licensed mortgage companies, says the Illinois Department of Financial and Professional Regulation.
"At a time when homeowners are facing the possible loss of their most precious asset, homeowners have a right to expect their loan servicing company to file accurate and honest paperwork," said Brent E. Adams, Secretary of Financial and Professional Regulation. "Time and again, the Department has sought to emphasize to loan servicing companies that home foreclosure is no time to cut corners."
Director of IDFPR's Division of Banking Manuel Flores says the investigation shows 19 incomplete files had been submitted to an accompanying law firm. Additionally, the department says there were no less than five distinctly different signatures attributed to the same PHH employee on 16 of the 19 documents.
PHH now has ten days to request a hearing on the IDFPR's order.
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