Bi-Weekly Mortgage Payment – Mortgage payment company and servicer penalized for deceptive ads

30 Jul

Reblogged from Consumer Affairs – James Limbach

Two companies that lied to consumers with ads for a mortgage payment program that promised tens of thousands of dollars in interest savings from more frequent mortgage payments will pay a hefty price for their scheme.

Under the terms of the orders announced by the Consumer Financial Protection Bureau (CFPB), Paymap will return $33.4 million in fees to consumers and pay a $5 million civil penalty to the CFPB, and LoanCare will pay a $100,000 civil penalty.

“Deceptive advertising has no place in the financial marketplace,” said CFPB Director Richard Cordray. “Today’s action is delivering relief for consumers deceived by Paymap and LoanCare, and sending a clear message that these practices will not be tolerated.”

Equity Accelerator Program

Paymap Inc. is a Colorado-based payment processing company, and LoanCare Servicing is a residential mortgage servicer based in Virginia. Together, they marketed and provided the “Equity Accelerator Program” — an electronic payment system that enables consumers to make automatic mortgage payments via electronic debits from their bank accounts.

>> Read more:

Visit my website at: or contact me with any of your home loan questions.


Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: