Consumer Financial Protection Bureau Takes Action Against Mortgage Payment Company And Servicer For Deceptive Ads

Consumers Deceived by “Equity Accelerator” Claims to Receive $33.4 Million

Washington, D.C. –-(ENEWSPF)--July 28, 2015.  The Consumer Financial Protection Bureau (CFPB) took action today against Paymap Inc. and LoanCare, LLC for deceiving consumers with advertisements for a mortgage payment program that promised tens of thousands of dollars in interest savings from more frequent mortgage payments. Under the terms of the orders announced today, 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 . . .

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