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June 07, 2017
CFPB: Mortgage servicer to pay $1.15M for illegal practices
The CFPB on Wednesday ordered mortgage servicer Fay Servicing to pay up to $1.15 million to consumers it harmed by hiding critical foreclosure relief information. The bureau also found instances where the servicer illegally moved to foreclose on borrowers actively trying to save their homes.
Fay Servicing, based in Chicago, is responsible for administering short-sale and foreclosure relief programs offered to struggling borrowers by their loan companies. The CFPB said Fay violated the bureau's mortgage servicing rules.
Along with paying $1.15 million in redress to borrowers, Fay must also offer borrowers opportunities to pursue foreclosure relief and comply with mortgage servicing rules.
The CFPB's consent order can be found here.
Fay Servicing, based in Chicago, is responsible for administering short-sale and foreclosure relief programs offered to struggling borrowers by their loan companies. The CFPB said Fay violated the bureau's mortgage servicing rules.
Along with paying $1.15 million in redress to borrowers, Fay must also offer borrowers opportunities to pursue foreclosure relief and comply with mortgage servicing rules.
The CFPB's consent order can be found here.
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