California Real Estate Fraud Report

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26
Sep

CFPB Fines Amerisave Mortgage Corp. $19.3 for Bait-and-Switch Scheme

The Consumer Financial Protection Bureau (CFPB) has ordered Amerisave Mortgage Corp. to pay $19.3 million fine for deceiving borrowers about interest rates. The penalties include Amerisave’s affiliate Novo Appraisal Management Company and Patrick Markert, the owner of both firms.

Amerisave, which is an Atlanta-based online lending company operating in all 50 states, lured in borrowers

“Amerisave lured consumers in with deceptive advertising, trapped them with costly upfront fees, and then illegally overcharged them for services from an undisclosed affiliate,” said CFPB Director Richard Cordray. “By the time consumers could have discovered the advertised low rates were too good to be true, they had already committed to pay hundreds of dollars to Amerisave. Today’s action puts an end to Amerisave’s unacceptable bait-and-switch scheme and holds Patrick Markert personally responsible for his illegal actions.”

Read the press release on the Consumer Financial Protection Bureau‘s website.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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