The Consumer Financial Protection Bureau filed a lawsuit in federal district court against Nationwide Biweekly Administration, Loan Payment Administration, and Daniel Lipsky, the owner of both companies, accusing the companies of deceptive mortgage practices, HousingWire.com reported yesterday. According to the CFPB, Nationwide and Loan Payment Administration transmit money from consumers to their mortgage servicers. The CFPB alleges that the companies misrepresent the savings that customers will achieve by using the companies’ biweekly mortgage payment program and mislead consumers about the costs associated with the program.
