Earlier this month the Consumer Financial Protection Bureau fined Amerisave Mortgage Corporation and an affiliate over $20 million for “bait-and-switch” practices. The firm advertised misleading interest rates, locked consumers in with steep up-front fees, failed to honor the low rates and illegally overcharged customers for third-party services. Amerisave will refund $14.8 million to the “baited” consumers and pay a $4.5 million penalty, and the firm’s CEO Patrick Markert will pay an additional $1.5 million penalty.
More:
“Amerisave to pay $19.3M for bait-and-switch mortgage scheme,” Phil W. Hudson, Atlanta Business Chronicle
“CFPB fines deceptive mortgage company $20M,” Jeff Gelles, Philadelphia Inquirer
“CFPB Orders Amerisave To Pay $19.3 Million For Bait-And-Switch Mortgage Scheme,” CFPB press release
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