Nationwide Biweekly Administration, Inc., Loan Payment Administration LLC, Daniel S. Lipsky
The CFPB sued Nationwide Biweekly Administration, its subsidiary Loan Payment Administration, and its owner Daniel Lipsky for “allegedly deceptively marketing services that claimed to save consumers money” but “any actual savings were offset by high fees.” The CFPB alleged that Nationwide Biweekly Administration “charged consumers $49 million in setup fees between 2011 and 2014 for providing a service that administered biweekly mortgage payments.” As of February 2017, the case is ongoing.
The CFPB is “seeking redress for consumers that were harmed as well as civil penalties.” [Ian McKendry, “CFPB Sues Loan Administrator Over Deceptive Marketing,” National Mortgage News, 05/11/15]
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