Mortgage Fraud

The Consumer Financial Protection Board(CFPB) recently announced that it has ordered mortgage lender Amerisave Mortgage Corp., to pay $19.3 million for engaging in a bait and switch fraud affecting borrowers who made applications for mortgage loans from this lender.

The fraud occurred at numerous points in the borrower’s interaction with this lender. It started when the borrower first visited the company’s website and requested a quote, the quote which they received was based on an 800 FICO score. Additionally inaccurate rates and terms were posted on the company’s Website. At closing additional and unexpected fees were added to the borrower’s charges.

Ocwen is back in the news again. The New York Department of Financial Services recently reported that when has been collecting fees from distressed homeowners for force-placed Insurance through an affiliated company which practice is forbidden in New York State.

If you are considering the purchase of a home or a refinance of a home mortgage please make certain to consult with and review the documents with an attorney.

Should you require assistance with the attorneys in our office have substantial experience reviewing mortgage documents and would be pleased to assist you.

We can be reached at 732-752-8834.