California fines United Shore $1.4M for interest overcharges

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According to the CDBO, the settlement also requires United Shore to pay penalties to the DBO, including $1.1 million for the interest overcharges already identified, plus another $125 for each.

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On April 10, 2017, the California Department of Business Oversight (DBO) announced that it had entered into a consent order with a Michigan-based residential mortgage lender and servicer over allegations that the firm was overcharging consumers for interest on a number of loans.

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United Shore Financial. settlement with the California Department of Business Oversight, which accused the lender of overcharging “thousands” of borrowers for interest on their mortgages. But the.

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