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Lender, AMC nailed for inflated appraisal fees
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Thursday, August 14, 2014
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A national lender and its affiliated AMC have been disciplined by the Consumer Financial Protection Bureau (CFPB) for violating the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) by allegedly attracting prospective borrowers with misleading interest rates and then locking them in with inflated appraisal fees.
On Aug. 12, the CFPB fined Amerisave Mortgage Corp., its affiliate, Novo Appraisal Management Co., and the organizations’ collective owner, Patrick Markert, millions of dollars for enticing tens of thousands of borrowers with deceptive advertising and then illegally overcharging them for third-party services.
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