SecurityNational Mortgage in Salt Lake City
The financial terms were not disclosed. The agreement, which was announced Monday, settles charges filed by B of A and Countrywide Home Loans, which was bought by the $1.5 trillion-asset bank during the recent downturn.
Charlotte, N.C.-based B of A accused SecurityNational of misrepresenting the mortgages it sold to the bank, and requested that the lender repurchase the loans.
Additional details about the settlement were not provided. SecurityNational said in a press release that the company has been released from future disputes over the two companies' loan purchase agreements.
SecurityNational stopped selling loans to B of A in 2010, it said in the release.
"We are very pleased with this settlement and that the company has been able to obtain a resolution of these lingering issues," said J. Lynn Beckstead, SecurityNational's president, in the release.
A spokesman for B of A declined to comment.
