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Sterling Bank Hit with $6M Fine Over Mortgage Loan Program

Friday, Sep 30 2022
Originating
Written by  The Mortgage Leader

Sterling Bank and Trust has agreed to pay a $6 million fine in connection with what was once the Michigan-based bank’s primary mortgage loan product. So reports BankersOnline.com.

Sterling Bank and TrustThe Office of the Comptroller of the Currency claimed that from 2011 to 2019, Sterling originated many loans through its Advantage Loan Program—a low-document mortgage loan program—that had false or fraudulent applications. As part of a consent order, Sterling neither admitted nor denied the allegations.

Read the full article from BankersOnline.com.

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