CFPB Fines Bait-and-Switch Mortgage Scheme $19M

…reports the National Law Journal, here (subscription required).

In a consent order (available here), the CFPB found that Amerisave Mortgage Corporation violated numerous federal consumer protection and lending-related laws by luring borrowers to its services with inaccurate rates then overcharging them and misleading them into paying fees they did not need to pay.

Of the money the company will pay under today's order, almost $15 million will be refunded to consumers; the remainder constitutes a fine. The company will also be required to reform its practices.


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