NY settles probe of mortgage company discount fees - New York News

NY settles probe of mortgage company discount fees

Posted: Updated:

ALBANY, N.Y. (AP) - New York financial regulators say they've settled an investigation into Prospect Mortgage discount fees with a $3 million penalty.

The Department of Financial Services says the Sherman Oaks, Calif.-based company has also agreed to pay more than $427,000 in refunds to 270 New York homeowners.

Superintendent Benjamin Lawsky said Wednesday their examination showed the company charged borrowers for interest rate discounts that never materialized from 2008 to 2011.

Prospect has a nationwide network and about $7 billion in new loans last year. The company didn't initially reply Wednesday to requests for comment.

The agreement also cites other violations. It says Prospect will file quarterly reports for three years showing its compliance steps.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Your MoneyMore>>

  • Monitoring your kids' driving in real time

    Monitoring your kids' driving in real time

    Wednesday, August 27 2014 10:46 PM EDT2014-08-28 02:46:07 GMT
    Many new Ford and GM cars have built-in technology that allows you to monitor speed, signaling, and navigation when your child is driving. But when it comes to this type of digital snooping, teens and their parents often have differing opinions. Kids may call it an invasion of privacy. Most parents, of course, will likely feel otherwise.
    Many new Ford and GM cars have built-in technology that allows you to monitor speed, signaling, and navigation when your child is driving. But when it comes to this type of digital snooping, teens and their parents often have differing opinions. Kids may call it an invasion of privacy. Most parents, of course, will likely feel otherwise.
  • Glamsquad app

    Hair and makeup house call

    Hair and makeup house call

    Tuesday, August 26 2014 10:27 PM EDT2014-08-27 02:27:35 GMT
    A new app is bringing the star treatment to the masses. Glamsquad delivers a hair and makeup artist to your doorstep.I invited them over to my place. Kelly did my makeup and Erin styled my mane. They helped me select a look from examples on the app and they encouraged me to tweak the looks to fit my style.
    A new app is bringing the star treatment to the masses. Glamsquad delivers a hair and makeup artist to your doorstep.I invited them over to my place. Kelly did my makeup and Erin styled my mane. They helped me select a look from examples on the app and they encouraged me to tweak the looks to fit my style.
  • Passing on your online accounts after you die

    Passing on your online accounts after you die

    Tuesday, August 26 2014 10:07 PM EDT2014-08-27 02:07:19 GMT
    Your Facebook page or email could soon be passed on in a will just like physical property. Delaware is the first state to allow heirs access to their loved ones' digital legacies. Pedram Tabibi, a social media attorney, says in many cases this can be vital information, like banking and health data. He says current terms and conditions for websites such as Apple, Amazon, and Google won't let an account get passed onto someone else.
    Your Facebook page or email could soon be passed on in a will just like physical property. Delaware is the first state to allow heirs access to their loved ones' digital legacies. Pedram Tabibi, a social media attorney, says in many cases this can be vital information, like banking and health data. He says current terms and conditions for websites such as Apple, Amazon, and Google won't let an account get passed onto someone else.
  • Local NewsLocal NewsMore>>

  • Sister of Boston bomb suspect arrested

    Sister of Boston bomb suspect arrested

    Thursday, August 28 2014 9:15 AM EDT2014-08-28 13:15:04 GMT
    The NYPD arrested Ailina Tsarnaeva, the sister of Boston bombing suspect Dzhokhar Tsarnaev, for allegedly threatening to bomb a New York City woman, a police official confirmed. Tsarnaeva, of North Bergen, N.J., is accused of calling a woman Monday and warning her to stay away from her and her boyfriend.
    The NYPD arrested Ailina Tsarnaeva, the sister of Boston bombing suspect Dzhokhar Tsarnaev, for allegedly threatening to bomb a New York City woman, a police official confirmed. Tsarnaeva, of North Bergen, N.J., is accused of calling a woman Monday and warning her to stay away from her and her boyfriend.
  • Poll shows most New Yorkers support broken windows policy

    Poll shows most New Yorkers support broken windows policy

    Thursday, August 28 2014 8:07 AM EDT2014-08-28 12:07:14 GMT

    A new poll conducted by Quinnipiac University found overwhelming opposition to the way the arrest of Eric Garner was handled while the majority support the broken windows policy, which cracks down on low-level crimes to prevent bigger ones from occurring. Garner's death has brought the policy into the spotlight. The Staten Island man had been selling untaxed cigarettes when he was arrested. A police officer placed him in a chokehold and Garner died.

    A new poll conducted by Quinnipiac University found overwhelming opposition to the way the arrest of Eric Garner was handled while the majority support the broken windows policy, which cracks down on low-level crimes to prevent bigger ones from occurring. Garner's death has brought the policy into the spotlight. The Staten Island man had been selling untaxed cigarettes when he was arrested. A police officer placed him in a chokehold and Garner died.

  • Times Square named as target

    Al Qaeda magazine hints of looming attack on US

    Al Qaeda magazine hints of looming attack on US

    Thursday, August 28 2014 7:42 AM EDT2014-08-28 11:42:37 GMT
    A new English-language Al Qaeda magazine features a how-to article on making car bombs and suggests terror targets in the United States, including casinos in Las Vegas, oil tankers and Times Square.
    A new English-language Al Qaeda magazine features a how-to article on making car bombs and suggests terror targets in the United States, including casinos in Las Vegas, oil tankers and Times Square.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices