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CFPB Takes an Axe to Green Tree

Last month, the Consumer Financial Protection Bureau (“CFPB”) came down hard on Green Tree Servicing, LLC, for its unfair mortgage servicing practices. Green Tree was alleged to have engaged in unlawful servicing practices for loans it acquired from other servicers. Specifically, Green Tree was found to have failed to honor modifications given to borrowers from prior loan servicers, delayed short sales decisions, and engaged in threatening and harassing debt collection activity towards borrowers.

As a result of the findings, Green Tree has agreed to pay $48 million to victims of its illegal servicing practices as well as a $15 million fine.

For more information, go to http://files.consumerfinance.gov/f/201504_cfpb_proposed-consent-order-green-tree.pdf or http://files.consumerfinance.gov/f/201504_cfpb_complaint-green-tree.pdf.