The Consumer Financial Protection Bureau announced yesterday that it is fining Fay Servicing more than $1 million for “illegal foreclosure practices,” HousingWire.com reported. According to the CFPB, an investigation found that Fay Servicing was “keeping borrowers in the dark” about their foreclosure prevention options. The bureau also said that Fay Servicing “illegally launched or moved forward with the foreclosure process while borrowers were actively seeking help to save their homes,” a practice sometimes referred to as “dual tracking.” For these violations, the CFPB is ordering Fay Servicing to pay up to $1.15 million to consumers who were subjected to the company’s “illegal servicing practices.”
