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Bureau alleges Amerisave violated CFPA, TILA, RESPA and MAP rule
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Consumer Protection
Wednesday, August 13, 2014
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The Consumer Financial Protection Bureau announced an enforcement action targeting Amerisave Mortgage Corp., its affiliate, Novo Appraisal Management Co., and the owner of both companies, Patrick Markert, for engaging in what the agency said was a deceptive bait-and-switch mortgage-lending scheme that harmed tens of thousands of consumers. Amerisave and Novo were ordered to pay $14.8 million in refunds to consumers and pay a $4.5 million penalty. Markert, as an individual, will pay an additional $1.5 million penalty. Read on to learn about the bureau’s consent order and enforcement action.
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