June 7, 2017
Posted June 7, 2017
The CFPB took action against mortgage servicer Fay Servicing for failing to provide mortgage borrowers with legally required protections against foreclosure. Fay violated the CFPB’s servicing rules by keeping borrowers in the dark about critical information about the process of applying for foreclosure relief. The CFPB also found instances where the servicer illegally launched or moved forward with the foreclosure process while borrowers were actively seeking help to save their homes. Fay Servicing will pay up to $1.15 million to harmed borrowers and must stop its illegal practices. CFPB
Tagged in: Housing and Mortgage Fraud,