"The OCC said the conduct involved significant origination fees, higher interest rates and increased monthly payments for borrowers, alongside misleading statements and deceptive advertisements."
"The deceptive statements allegedly involved employees creating the impression that interest rates or monthly payments would significantly decline, while the loans were actually fixed-rate mortgages."
"Within 30 days of the order, the bank's board is required to submit a written progress report detailing corrective actions and their current status."
"A restitution consultant must identify eligible consumers affected by the misconduct, and the bank must submit a plan for restitution within 60 days of receiving the report."
The OCC enforces actions against banks for deficient practices, including misleading fees and terms in loan advertisements. Allegations include significant origination fees, higher interest rates, and deceptive statements to customers. The bank's board must submit a progress report detailing corrective actions within 30 days. A restitution consultant will identify affected consumers, and the bank must submit a plan for restitution within 60 days. A review of the payment distribution methodology is required within 90 days after restitution payments are made.
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