PHH Corp. Comments on Mulvaney’s Case Dismissal; Says it is ‘Gratified’ with Resolution

The mortgage lender maintains that it was compliant with RESPA before the BCFP initiated charges in 2014.

6/12/2018 1:00 PM

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PHH Corp. Comments on Mulvaney’s Case Dismissal; Says it is ‘Gratified’ with Resolution

PHH Corporation, after the conclusion of a long-running case initiated by former Bureau of Consumer Financial Protection Director Richard Cordray, describes the news as a welcome resolution to the matter.

“We are extremely gratified to have this matter fully resolved as a result of Acting Director [Mick] Mulvaney’s decision to dismiss this case,” according to a statement from the company issued June 7. “Today’s Order is consistent with our long-held view that we complied with RESPA [Real Estate Settelment Procedures Act] and other laws applicable to our former mortgage reinsurance activities in all respects.”

On June 7, Mulvaney issued an Order Dismissing the Notice of Charges in the administrative proceeding originally filed by the bureau against PHH Corp. in 2014. Mulvaney directed the charges to be dimissed and the matter terminated.

Mulvaney also said in the Order that “it is now the law of this case that PHH did not violate RESPA if it charged no more than the reasonable market value for the reinsurance it required the mortgage insurers to purchase, even if the reinsurance was a quid pro quo for referrals.”

Related Content from ACA International:

Mulvaney Terminates Proceeding that Sparked Debate on BCFP Constitutionality

D.C. Circuit Court of Appeals Rules in PHH v. CFPB

PHH Corp. Ends Challenge to Constitutionality of BCFP’s Leadership Structure

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