Although Provident entered into a consent order, it said in a follow-up statement that it has no knowledge that brokers “were allegedly overcharging certain borrowers.”
“What Dewsnup held is that the lienholder, according to the basic non-bankruptcy bargain, is entitled to keep its lien until payment in full or until a lender decides to foreclose,” said attorney Danielle Spinelli...
According to figures compiled by Inside Mortgage Finance, Provident ranks eighth nationwide among all table-funders, based on first quarter 2015 production.