Iowa Attorney General Tom Miller and attorneys general from 48 other states plus the District of Columbia, and more than 40 state mortgage regulators, have reached a $45 million settlement with New Jersey-based mortgage lender and servicer PHH Mortgage Corp., according to a release. The settlement, through a complaint and proposed consent judgment filed in U.S. District Court in the District of Columbia, resolves allegations that PHH, the nation’s ninth-largest nonbank residential mortgage originator and servicer, improperly serviced mortgage loans from Jan. 1, 2009, through Dec. 31, 2012. The agreement requires PHH to follow comprehensive mortgage servicing standards, conduct audits and provide audit results to a committee of states. The $45 million settlement includes $30.4 million in payments to borrowers, including about 739 Iowa borrowers who are eligible for a payment. That number includes 363 who lost their property and 376 borrowers whose foreclosures had not been finalized. A settlement administrator will contact eligible recipients later this year.