Tag: amerisave

what laws did amerisave violate

what laws did amerisave violate插图

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Amerisave locked consumers in with costly up-front fees, violating theTruth in Lending Act and the Real Estate Settlement Procedures Act. It failed to properly disclose its affiliate relationship, which is in violation of RESPA. The mortgage firm charged unfairly inflated prices for services through its affiliate.

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  • What did the government say about amerisave?

  • The Bureau found that Amerisave lured consumers by advertising misleading interest rates, locked them in with costly up-front fees, failed to honor its advertised rates, and then illegally overcharged them for affiliated 鈥渢hird-party鈥?services.

  • Why did the CFPB take action against amerisave?

  • WASHINGTON, D.C. 鈥?Today, the Consumer Financial Protection Bureau (CFPB) took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies, Patrick Markert, for engaging in a deceptive bait-and-switch mortgage-lending scheme that harmed tens of thousands of consumers.

  • What was the penalty for the amerisave scam?

  • Patrick Markert, as an individual, will pay an additional $1.5 million penalty. 鈥淎merisave lured consumers in with deceptive advertising, trapped them with costly upfront fees, and then illegally overcharged them for services from an undisclosed affiliate,鈥?said CFPB Director Richard Cordray.

  • What happened to amerisave Mortgage Corporation?

  • 鈥?Today, the Consumer Financial Protection Bureau (CFPB) took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies, Patrick Markert, for engaging in a deceptive bait-and-switch mortgage-lending scheme that harmed tens of thousands of consumers.