Caliber settled with regulators for $1.8 million in penalties and refunded over $550,000 to affected consumers in California. The company faced issues with custodial accounts and was cited for similar violations previously. Caliber was also involved in agreeing to $17 million in mortgage forgiveness for unfair loan modifications. The settlement includes the surrender of its California Financing Law license and its California Residential Mortgage Lender and Servicer license. As a former top mortgage retail shop, its origination volume has significantly declined from $71.4 billion in 2021 to $3.5 billion.
Caliber settled with regulators by paying $1.8 million in penalties and refunding over $550,000 to affected California consumers, amidst ongoing regulatory scrutiny.
As part of a settlement, Caliber will surrender its California Financing Law license and its California Residential Mortgage Lender and Servicer license due to multiple violations.
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