March 9, 2010 - Vanderbilt Mortgage and Finance Inc. has agreed to refund $2.8 million to about fourteen-hundred homeowners in North Carolina as part of a state and federal settlement.

According to The NC Office of the Commissioner of Banks the company also will pay a civil penalty of $750,000 to the state and contribute $250,000 to the State Home Foreclosure Prevention Project.

Mark Pearce, the chief deputy commissioner said "As more and more manufactured home loans are now secured by real estate, manufactured home lenders have struggled to meet the standards required of mortgage lenders."

Most of the refunds will be done automatically by crediting the borrower's account. Former Vanderbilt borrowers covered by this settlement should receive a refund check. For more information, call 866-702-3777.