Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Internet lender hit with $19.3m fine for bait-and-switch scheme

Notify me of new replies via email
Mortgage Professional America | 13 Aug 2014, 06:52 AM Agree 0
The CFPB has fined Atlanta-based Amerisave $19.8 million for allegedly luring customers in with misleading rates
  • Ken Armstrong | | 13 Aug 2014, 01:18 PM Agree 0
    it's about time, there are even more companies than Amerisave doing it, it's rampant out there. They got off cheap, they should have been fined about a year's profit, or had to refund every single customer on every mortgage generated via false ads a full refund of all appraisal and lender fees and fine a on top, that would stop the bait and switch. This kind of stuff is why our industry is going through all of the rules we now have. In another article this is why the mortgage industry is older people, no person with or without a college degree would want to step into an industry that is this heavily regulated.
  • | | 15 Aug 2014, 11:11 AM Agree 0
    Appraisers are dealt with severely for employing false or misleading verbiage on their reports, so, why not lenders?
    We also need the same enforcement regarding auto mechanics and dentists.
Post a reply