Mortgage transmitter charged
Nationwide Biweekly Administration faces restitution fees
According to The News Tribune, The Washington State Department of Financial Institutions issued a statement of charges against the Nationwide Biweekly Administration Inc. for misleading consumers and not having the appropriate licensing. The publication says the mortgage transmitting service caused problems for homeowners by promising that the firm could pay the entire mortgage for them. The Tribune article has more:
“Companies transmitting mortgage payments are uniquely positioned to cause injury to borrowers by failing to transmit borrower funds or mishandling mortgage payments, the consequences of which can be very serious to the borrower,” DFI’s Division of Consumer Services’ Director Deborah Bortner said.
“It is critical that money transmitters handling mortgage payments comply with the law, especially our state’s licensing requirements, because such requirements are in place to add a layer of consumer protection.”