California fines United Shore $1.4M for interest overcharges

United Shore Financial Services to Pay Restitution, Penalties (April 14, 2017) – SACRAMENTO – The Department of Business Oversight (DBO) has announced Michigan-based United Shore Financial Services, LLC will pay more than $1.4 million in refunds and penalties to resolve allegations the mortgage lender and servicer overcharged thousands of California borrowers for interest.

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The settlement resolves allegations that United Shore overcharged thousands of California borrowers for interest. United Shore is a Michigan-based residential mortgage lender and servicer. According to the CDBO, regulatory examinations conducted in 2011 and 2013 found that United Shore had overcharged per diem interest to California borrowers.

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United Shore Financial Services has agreed to pay a total of $1.4 million to consumers and California regulators to settle allegations it collected interest payments it was not entitled to.

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The move paves the way for customers to claim refunds for overcharging estimated at £500million a year. However, we believe it will be in the public interest . . . that this gets resolved sooner.

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California fines United Shore $1.4M for interest overcharges For example, the California attorney general determined that an out-of-state lender would not be required to obtain a CFLL license in order to make loans to government agencies, even where some of these agencies were located within California, because no California residents would be impacted under the program, the lender had no offices in California, the lender negotiated the agreement.

Foreclosure activity is at the lowest level in over a decade U.S. foreclosure activity jumped 81 percent in 2008, with one in every 54. fallen under 5 percent, the lowest in some four decades, by several measures. Requests to refinance have soared to the highest level in more than.