CA-AG v. The Money Source, Inc.

The Money Source, Inc. allegedly failed to properly process, and timely grant, mortgage deferment requests made by California military reservists called to active duty, according to CA-AG. DOJ’s investigation revealed that TMS, on at least 10 occasions, delayed granting CMFFRA deferment requests, requested information for eligibility review beyond the 30-day timeframe to do so, and improperly denied CMFFRA deferment requests. In addition, TMS attempted to collect payment from certain borrowers during the requested deferral period by making collection calls and sending debt collection notices warning of foreclosure if payment was not made. TMS also wrongly imposed late fees or other fees against certain borrowers for the nonpayment of payments that should have been deferred and furnished inaccurate negative credit information to credit reporting agencies.

Summary generated from official California Attorney General press release