The national lender Amerisave Mortgage Corp and its affiliate, Novo appraisal management company were fined by the Consumer Financial Protection Bureau (CFPB) for violating the Truth in Lending Act and Real Estate Settlement Procedures Act by using misleading interest rates and them locking them in with inflated appraisal fees.
On Aug. 12 the Consumer Financial Protection Bureau fined both companies and Patrick Market, the organizations’ collective owner, millions of dollars for enticing tens of thousands of borrowers with deceptive advertising then overcharging them for appraisal services.
