The CFPB recently brought a $38.4 million enforcement action against Paymap Inc., a Colorado-based payment processing company, and a related action against LoanCare, LLC, a Virginia-based residential mortgage servicer, for allegedly deceiving consumers with advertisements for a mortgage payment program that promised tens of thousands of dollars in interest savings from more frequent mortgage payments. Specifically, the bureau determined that consumers were lured with deceptive promises of savings and misled them about when their payments would be applied. According to the bureau, the two companies together marketed and provided the “Equity Accelerator Program” – an electronic payment system that enables consumers to make automatic mortgage payments via electronic debits from their bank accounts. Consumers were usually charged a $295 enrollment fee ...