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Violation Tracker Individual Record

Company: Amerisave Mortgage Corporation and Novo Appraisal Management Company
Current Parent Company: AmeriSave Mortgage
Penalty: $19,300,000
Year: 2014
Date: August 12, 2014
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: mortgage abuses
Violation Description: 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.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Georgia
Ownership Structure of Current Parent: privately held
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: mortgage lending
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.