Illinois Shares $ 90 Million Lender Deal

Photo by Darren Iozia

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Illinois will receive $ 3.6 million in a $ 90 million settlement with Nationstar Mortgage, one of the nation’s largest mortgage services.

Nationstar will provide money to 2,604 Illinois and commit to reforming its services.

The settlement resolves a series of allegations regarding Nationstar’s past origination and service practices, including failure to provide required origination information, failure to fund loans in a timely manner, participation in unwarranted foreclosures, failure to properly administer escrow accounts, imposition of ineligible fees, failure to properly terminate mortgage insurance, and mismanagement of loan modifications and service transfers.

– Darren Iozia

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