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497 Hooksett Rd. #105
 Manchester, NH 03104 
Phone: (603) 685 4301

In the News

CFPB Fines Fidelity National Financial, Western Union Units $38M | News

Correction:Due to an editing error, a previous version of this story incorrectly stated the relationship between LoanCare, Black Knight Financial Services and Fidelity National Financial. LoanCare is a mortgage servicing subsidiary of ServiceLink. ServiceLink is a majority-owned subsidiary of Fidelity National Financial. Black Knight Financial Services is also a majority-owned subsidiary of Fidelity National Financial, but is otherwise unaffiliated with ServiceLink and LoanCare.

WASHINGTON The Consumer Financial Protection Bureau is charging two companies affiliated with Western Union and Fidelity National Financial more than $38 million in total charges for allegedly steering consumers into a mortgage payment program that cost them millions of dollars in fees.

Paymap Inc., a payment processor that is part of Western Union, and LoanCare, a mortgage servicer that serves as a subservicer for ServiceLink (which is majority-controlled by Fidelity National Financial), were cited by the CFPB for wrongfully promising "tens of thousands of dollars in interest savings" to consumers if they made more frequent mortgage payments. The "Equity Accelerator Program" deducted automatic payments for a mortgage on behalf of the consumer, but also typically charged a $295 enrollment fee as well as a $2.50 transaction fee for each debited payment. As a result, about 125,000 consumers paid more than $33 million in fees since July 2011, the CFPB said.

Colorado-based Paymap has agreed to return $33.4 million in fees to affected consumers and pay a $5 million civil penalty, while LoanCare in Virginia has agreed to pay a $100,000 penalty. Both companies have agreed to the order without confirming or denying the allegations.

"Deceptive advertising has no place in the financial marketplace," said CFPB Director Richard Cordray in a press release. "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."

LoanCare is actually one of "many mortgage servicers" that partnered with Paymap to market the Equity Accelerator program, the CFPB said. Paymap's fees charged to consumers were then shared with LoanCare.

While there are many companies that offer borrowers the option to lower their interest rate costs by making biweekly, or more frequent mortgage payments, the CFPB said the named companies did not actually make those mortgage payments. Instead, it held

Read more http://www.nationalmortgagenews.com/news/servicing/cfpb-fines-fidelity-national-financial-western-union-units-38m-1057281-1.html

Company Contact

Stellionata Consulting, LLC

497 Hooksett Rd. #105

Manchester, NH 03104

Phone: (603) 685 4301

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Chain of Title

A few years ago, there was a lot of media hype about "producing the original note." There was almost equal response from the mortgage/foreclosure industry that the original note wasn't important and that reasonable facsimiles that were attested to as being "true and accurate copies of the original" were/are good enough to demonstrate that the current "bearer" of the copy is the rightful note holder and, therefore, has title and interest in the promissory note and has legal standing to foreclose.

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