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Are You Due a Refund on Your Mortgage?

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You, or someone you know, may be one of the 40,000 Florida homeowners eligible for refunds improperly charged by Fairbanks Capital Corp. Fairbanks, a mortgage servicing company based in Utah, was ordered to pay $1.65 million in refunds in a settlement with Florida state regulators.

Florida regulators claimed that Fairbanks was making improper charges, including unnecessary appraisal payments and fees for releasing borrowers from mortgages that were paid off. As part of the deal, the company agreed to improve their customer service, put a stop to unjustified late fees, and implement procedures to avoid charging unwarranted insurance on loans. Fairbanks had reached a similar settlement with the Federal Trade Commission (FTC) last November.

If you have questions you should contact the Department of Financial Services at 800-342-2762 or the attorney general’s office at 866-9No-Scam.

~ Dan Hoffman, Mr. Homes & Loans

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