Will a $63 million FTC CFPB settlement encourage Green Tree to make more than a brand new leaf?

Will a $63 million FTC CFPB settlement encourage Green Tree to make more than a brand new leaf?

Due to the fact title shows, Green Tree Servicing ended up being designed to program homeowners’ mortgages by gathering and crediting payments that are monthly. But in accordance with a $63 million settlement announced by the FTC and CFPB, instead of solution, Green Tree provided numerous home owners the company.

Mortgages in many cases are transmitted through the life of that loan, so customers could find on their own locked in a relationship with a servicer they didn’t pick sufficient reason for no possibility to check around. Green Tree was a large name in servicing loans for manufactured housing, but recently made a significant transfer to the domestic market. It billed it self as being a “high touch servicer” a euphemism for an organization that puts frequent collection phone phone phone calls in an attempt to get individuals to make prompt re payments. Read more