CFPB v. Amerisave Mortgage Corporation, Novo Appraisal Management Corp., and Patrick Markert
On August 12, 2014, the Bureau entered into a consent agreement with the online mortgage lender Amerisave Mortgage Corporation, Novo Appraisal Management Corp, and the companies’ principal for violations of federal and state consumer financial protection laws, including unfair, abusive, or deceptive practices (UDAAP), the Mortgage Acts and Practices (MAP), the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA).
The Consent Order identifies several classes of victims that are eligible for redress in the amount of $14,892,234. The victim classes eligible for Bureau Administered Redress are described in the consent order.
The order refers to an additional class of victims that will be eligible for compensation through the Civil Penalty Fund. On November 28, 2014, the CFPB Fund Administrator allocated $1,380,470 to the Amerisave case from the Civil Penalty Fund to compensate this latter class of victims.
The CFPB contracted with Rust Consulting to administer payments for this case and to answer questions from consumers. This matter is now closed.
Payments and check reissue requests are no longer being honored. For more information on this closed case, contact us at Consumer Financial Protection Bureau, Attn: OCFO, Amerisave, 1700 G Street NW, Washington DC 20552
March 16, 2016 – March 18, 2018: Compensation period