Here’s a real industry secret, Banks and Finance companies owning Appraisal companies | Internet Lender Hit with $20 Million Plus in Penalties

Amerisave advertises and lends nationwide.  CFPB contends that between mid-2011 and 2014 the company used online banner ads and searchable rate tables on third-party websites, posted inaccurate rates on these ads, and when consumers followed the ads to the Amerisave website were given rate quotes based on a FICO score of 800 regardless of the score the consumer provided in a questionnaire.   Consumers were required to order and authorize payment for an appraisal before Amerisave would provide a Good Faith Estimate and the company did not tell consumers until later that appraisal orders were being referred to Novo, its affiliated company. 

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