On August 26, the Washington State Department of Financial Institutions announced that it issued a statement of charges against a company that accepts and transmits mortgage payments on behalf of homeowners in the state, alleging that the company (i) violated state licensing requirements by failing to obtain the required license as a money transmitter, (ii) misled consumers about the company’s affiliation with their lender, servicer, or a government agency and how often payments would be transmitted, and (iii) falsely represented the amount of interest borrowers would save by having the company make payments.
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Washington announces enforcement action against mortgage transmitter
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