Consumer Bureau Action Tracker

CFPB – Amerisave Mortgage


State

Nationwide

target

Amerisave Mortgage Corp., Novo Appraisal Management Co., and Patrick Markert

Topics

Enforcement, Add-On Products, Credit Cards, Mortgages

In August 2014, The CFPB penalized Amerisave Mortgage for using “‘bait-and-switch’ tactics.” The CFPB alleged that Amerisave “lured consumers in Ohio and other states by advertising inaccurate interest rates it had no intention of providing.” The CFPB fined Amerisave “$19.3 million” and fined Amerisave CEO Patrick Market an additional $1.5 million for profiting personally from the scheme.

  • “The Consumer Financial Protection Bureau hammered online mortgage lender Amerisave with a $19.3 million penalty for using “bait-and-switch” tactics. The bulk of the money — $14.8 million — will go to Amerisave customers as refunds. The company’s owner and CEO, Patrick Markert, whom the CFPB said profited personally, will have to kick in another $1.5 million.” [Sheryl Harris, “CFPB orders Amerisave to refund $15 million to deceived customers: Plain Dealing”, Cleveland Plain Dealer, 08/12/14]

Status

Inactive or Resolved


2014-CFPB-0010 8/12/2014 8/12/2014

CFPB Orders Amerisave to Pay $19.3 Million For Bait-And-Switch Mortgage Scheme
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/amerisave-mortgage-novo-appraisal-patrick-markert/

  • Consumer Financial Protection Bureau (CFPB)
  • Administrative filing
  • None
  • Nonbank
  • $20,800,000
  • Not Available

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