CFPB Acts Against Fay Servicing for Illegal Foreclosures and Breaching Law Enforcement Order
The CFPB has fined Fay Servicing $2 million for breaching mortgage servicing laws and a 2017 order, mandating $3 million in consumer redress, $2 million in tech upgrades, and CEO compensation limits if compliance fails, due to illegal foreclosure actions and overcharging borrowers. [8/22/24]