Prospect Mortgage Pays $3M Over Rate Discount Claims

Law360, Los Angeles (October 23, 2013, 7:28 PM EDT) -- Prospect Mortgage LLC has agreed to pay a $3 million penalty and deliver restitution to homeowners after the New York Department of Financial Services discovered the company charged borrowers for interest rate discounts that never materialized, Gov. Andrew Cuomo announced Wednesday. 

Prospect, which does business in New York under the name Prospect Lending LLC, has entered into a consent order with the DFS to resolve alleged state law violations the agency uncovered during a 2010 examination of the company, according to Cuomo's office. In addition to...
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