Mortgage Company Agrees to Pay $24.9 Million to Settle Fraud Allegations
Tuesday, December 15, 2020 Guild Mortgage Company (Guild) of San Diego, California, agreed to pay the U.S. government $24.9 Million to settle allegations that Guild violated the False Claims Act by knowingly breaching material program requirements when underwriting and originating mortgages insured by the Department of Housing and Urban Development’s Federal Housing Administration (FHA). The settlement resolves allegations that Guild knowingly approved materially ineligible loans that later defaulted and resulted in FHA mortgage insurance claims, failed to comply with program rule...