Charges Filed Against Mortgage Payment Firm

August 26, 2013
The Columbian (WA) 
mortgage lending news

In Washington state, the Department of Financial Institutions (DFI) is filing charges against Nationwide Biweekly Administration Inc., which accepts and transmits mortgage payments on behalf of homeowners. The department claims the firm is not licensed as a money transmitter and that it has made statements that misled consumers into believing that they would save money by having Nationwide repay their mortgage for them.

DFI is seeking a $150,000 fine against Nationwide and restitution of all fees that the business collected from Washington consumers. DFI says it has fielded complaints from consumers who mistakenly believed that Nationwide was affiliated with lenders or with government agencies.

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