CHARLESTON, W.Va. (WDTV) -- The West Virginia Attorney General's Office says a settlement has been reached between a coalition of attorneys general, mortgage regulators, and PHH Mortgage Corporation.
The corporation was accused of improperly servicing mortgage loans from January 1, 2009 through December 31, 2012. The settlement reached between PHH and a coalition of 49 state attorneys general, the District of Columbia and 45 state mortgage regulators requires PHH to "adhere to comprehensive mortgage servicing standards, conduct audits and provide audit results to a committee of states." Officials say the settlement does release the corporation from liability for conduct that began in 2013.
The state Attorney General's Office says around 292 West Virginians are eligible to receive payment as a result of the settlement.
"Borrowers who were subjected to PHH foreclosures during the eligible period will qualify for a minimum $840 payment. Those who faced foreclosures that PHH initiated during the eligible period, but did not lose their home will receive a minimum $285 payment," the office said.
A settlement administrator will contact payment recipients at a later date.