Violation Tracker Individual Record

Company: 
Paymap Inc.
Current Parent Company: 
Western Union
Penalty: 
$38,400,000
Year: 
2015
Date: 
July 28, 2015
Primary Offense: 
consumer protection violation
Secondary Offense: 
mortgage abuses
Violation Description: 

The Consumer Financial Protection Bureau took action 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. Paymap was required to 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.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Colorado
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.