A pair of companies that partnered to service reverse mortgages were ordered to pay a combined $16.5 million over failures that resulted in unnecessary foreclosures and other problems for vulnerable seniors, the Consumer Financial Protection Bureau announced.
Sutherland Global Services Inc., along with its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting partnered to get a contract from the US Department of Housing and Urban Development to service reverse mortgages beginning in 2014.
But the two companies didn’t have sufficient staff in place to handle customer service requests despite assurances the companies made to HUD, according ...
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