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CFPB fines company $1.6 million for creating 'loan modification purgatory'

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Mortgage Professional America | 03 Aug 2015, 08:00 AM Agree 0
A Texas-based servicing company will have to pay $1.6 million for blocking consumers' efforts to save their homes from foreclosure
  • Dominick F Sammarone | | 03 Aug 2015, 09:36 AM Agree 0
    surprise, surprise.
    Dominick F Sammarone
    93.5FM WTBQ New York
    " that's where the money is"
  • Dominick F Sammarone | | 03 Aug 2015, 09:37 AM Agree 0
    surprise, surprise.

    Dominick F Sammarone 93.5FM WTBQ New York

    " that's where the money is"

  • Wm Matz | | 03 Aug 2015, 03:35 PM Agree 0
    Re-write article, but just substitute Ocwen, Nationstar, Wells Fargo, B of A, Chase, Citi, etc. Same old story. Negligible gov't enforcement. Private litigation is all that is providing accountability.
  • L Timlick | | 04 Aug 2015, 06:24 PM Agree 0
    Interesting that they didn't name the "Company". The company - Residential Credit Solutions, RCS, the same company that continues to charge my account with hundreds and THOUSANDS of dollars of Fraudulent and Illegal servicing fees EVERY single month AND refuses to explain what they are after repeated Certified Letter Requests. Residential Credit Solutions - the same company that lied about my mortgage modification and flood insurance documents and force placed a fraudulent $1700 Flood Insurance Policy onto my account. RCS - the same company that NEVER granted my in-person meeting and bulldozed forward with an Illegal foreclosure after 5 Certified Written Requests. RCS - the same company that is NOW lying, "She said she didn't want a mortgage modification", "She said she didn't want a short sale." "She has failed to send in requested documents." Lies, lies and all lies. The $1.6 Million fine is a JOKE! It only covers a few homes that they've ILLEGALLY Stolen, all the rest are PURE profit! The "a $100,000 civil penalty" will be covered by the Illegal Servicer Fees they've charged to MY account alone!! CFPB, PLEASE Get Real!! RCS just LMAF, LOL'd & scoffed at that one.
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