Ameriquest Mortgage Co. may overhaul its business practices under the eye of an outside monitor to settle allegations by 33 states that it overcharged its home loan customers, according to a draft of the settlement obtained by the Los Angeles Times. The proposed deal includes a payment of $325 million – $295 million to repay borrowers and $30 million to cover the cost of the states' investigation, according to a copy of the proposal obtained by the Times. It would be the second-largest settlement of its kind, after Household International's $484 million agreement in 2002 with attorneys general for all 50 states, the Times said today. State officials who negotiated for months with the Orange, Calif.-based lender had hoped that both sides would approve the deal by the end of this wee...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.