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]

• “The CFPB says the company lured consumers in Ohio and other states by advertising inaccurate interest rates it had no intention of providing.” [Sheryl Harris, “CFPB orders Amerisave to refund $15 million to deceived customers: Plain Dealing”, Cleveland Plain Dealer, 08/12/14]