Changes Proposed For Challenged $12.6M PHH Class Deal
Law360 (March 29, 2021, 7:30 PM EDT) -- A group of borrowers, along with Ocwen Loan Servicing LLC and its successor PHH Mortgage Corp., have submitted modifications to a proposed $12.6 million nationwide class settlement over allegedly unlawful fees the servicers charged for payments online and over the phone, after a Florida federal judge voiced reservations during a recent hearing.
The parties said in a notice late Friday that they had reconvened with a mediator to come up with the changes — which include eliminating a claims process and a reverter clause as well as narrowing modifications to certain class members' contracts to provide a legal path for the...
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