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Stipulation to entry of a consent order - State of Michigan - michigan

Stipulation to entry of a consent order - State of Michigan - michigan 2025

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The document is a Consent Order involving Fairbanks Capital Corp. issued by the Michigan Office of Financial and Insurance Services (OFIS) following an investigation into alleged violations of mortgage servicing laws. The investigation revealed multiple infractions, including improper handling of mortgage payments, unauthorized fees, and failure to respond to consumer complaints. As part of the resolution, Fairbanks agrees to pay $900,000 in refunds to affected borrowers and $97,473.63 for investigation costs while denying any wrongdoing. The order mandates compliance with various regulations and outlines corrective actions Fairbanks must take.

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What does consent order entered mean?

A consent order (also known as a consent decree ) is a decree or order made by a judge with the consent of all parties . It is not strictly a judgment , but rather a settlement agreement approved by the court .

What is a consent judgment in Michigan?

If you and your landlord come to an agreement about your eviction, you can present it to a judge. An example of such an agreement is a consent judgment. If the judge signs it, it ends the case.

What is a consent Judgement in Michigan?

Consent judgment means you acknowledge you owe the creditor money. However, a judgment is still a judgment. The creditor expects you to make consistent payments to the collection firm, and if you miss one of those payments, they may garnish your wages.

What is the purpose of the consent judgment?

In the insurance industry, consent judgments include an admission of the insureds liability, along with a covenant for the claimant: they agree not to execute or collect against the insured defendant. The insured also gives the claimant the right to pursue the agreed judgment against an insurer.

Is a consent judgement an eviction?

A consent judgment will usually contain payment terms with which the tenant must either comply or risk eviction. It may also include other terms covering the tenants non-monetary obligations.