Charlotte Observer (NC) (03/05/08); Rexrode, Christina
The mortgage affiliate of Ryland Homes has agreed to provide buyers with detailed information on its incentives and use independent appraisers in order to settle allegations with the state of North Carolina that it charged excessive closing costs and allowed unlicensed loan officers to originate loans. In addition to overhauling its lending practices, Ryland Mortgage also agreed to refund about 850 homebuyers an average of $250 apiece and pay $161,000 in civil penalties to the state. The state expressed concern that Ryland Mortgage could indirectly recoup the incentives through inflated or excessive mortgage costs. Ryland Mortgage did not admit any wrongdoing.
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