db mortgages announced today that it has agreed a settlement with the UK’s Financial Services Authority (FSA) in relation to certain failings in db mortgages’ past handling of arrears and lending practices.
db mortgages was wound down in mid-2008 and no longer originates mortgages. As a result of the settlement, db mortgages agreed to pay a fine of £840,000 and established a customer redress programme that will include contacting affected customers and refunding certain customer fees.
Following the identification of the issues raised by the FSA in an industry-wide review started in 2008, db mortgages immediately commissioned a third-party review into its lending and arrears collection processes. As a consequence, db mortgages has improved its oversight of mortgage servicing activities.
db mortgages is the fourth lender to settle with the FSA since 2009 as part of the regulator’s ongoing review of mortgage practices.
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