Violation Tracker Individual Record
The Consumer Financial Protection Bureau took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies, Patrick Markert, for engaging in a what the agency called a deceptive bait-and-switch mortgage-lending scheme that harmed tens of thousands of consumers. The Bureau found that Amerisave lured consumers by advertising misleading interest rates, locked them in with costly up-front fees, failed to honor its advertised rates, and then overcharged them for affiliated "third-party" services. Amerisave and Novo were required to provide $14.8 million in refunds to harmed consumers and pay a $4.5 million penalty.
http://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-amerisave-to-pay-19-3-million-for-bait-and-switch-mortgage-scheme/ (archived copy)