OLS is a company currently licensed with the Washington State Department of Financial Institutions as a consumer loan company that is authorized to service residential mortgage loans in the state. However, OLS used unlicensed affiliate companies in the Philippines and India to perform activities considered residential mortgage loan servicing under Washington law.
The unlicensed servicing activities occurred at the affiliate in India dating back to Aug. 1, 2010, and at Philippines affiliate at least between June 2013 and August 2015, the department found.
Under the settlement, OLS agreed to pay a $900,000 fine and to only service Washington residential mortgage loans through licensed companies.
For more information for boomer consumers, see my blog The Survive and Thrive Boomer Guide.
Company fined $900000 for using unlicensed offshore companies to service mortgage loans in state - seattlepi.com (blog)
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