The mortgage company Lending Tree has resolved a lawsuit with the 15th Circuit Solicitors Office and will pay $328,477.05 in penalties to Horry and Georgetown counties.
Lending Tree concluded litigations brought on by the Solicitors Office for violations of the 2005 South Carolina Mortgage Brokers Act. As a result of the litigation, Lending Tree has modified its practices to come into compliance with South Carolina law and agreed to the settlement.
"Lending Tree took the approach that they were not going to comply with that and they were not going to put those disclosures or adopt that position in their disclosures to borrowers. And when they refused to do so we stepped in and brought the action against lending tree to require them to do so," says Solicitor Greg Hembree.
In a statement to NewsChannel 15, Lending Tree said it settled with the solicitors office to avoid expensive litigation.
The statement also says the company is not admitting liability, and there was no finding that Lending Tree violated the law.
