PHH Fined $119K Over N.Y. Zombie Property
December 15, 2017
The New York Department of Financial Services (DFS) has fined PHH Mortgage Corp. $119,000 for failing to maintain a so-called “zombie” property under the Department’s Vacant and Abandoned Property Law.
The DFS claimed that PHH failed to maintain the residential property in New Lebanon, N.Y., for at least 238 days after it was registered as being vacant and abandoned. Banks and mortgage servicers are subject to a fine of $500 a day failing to inspect and maintain the property.
“The announcement of this enforcement action puts banks and mortgage servicers on notice that if they do not maintain vacant and abandoned properties, they will be held accountable by DFS,” said DFS Superintendent Maria T. Vullo. “It is also crucial that banks and mortgage servicers provide DFS correct and timely information and updates on vacant and abandoned properties to ensure full compliance with the law and correction of violations. Anything less will be met with swift enforcement action.”
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