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2nd Recent Settlement for Prospect Mortgage

Interest rate per diem practices at issue

Feb. 19, 2014

By Mortgage Daily staff

Just months after reaching a settlement with a New York regulator over its practices involving interest rates, Prospect Mortgage LLC has reached a settlement with a California regulator over how it charges interest.

The lender allegedly overcharged more than 12,000 Golden State borrowers for per diem interest in violation of the California Residential Mortgage Lending Act.

Home lenders in California are allowed to charge borrowers for only one day of interest prior to the disbursement of loan proceeds.

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Prospect Mortgage Settles Rate Deception Charges
Prospect Mortgage LLC has agreed to pay millions of dollars to settle allegations that it misled borrowers about interest rate discounts. The company is also accused of using unlicensed branches and originators.
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