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