Mortgage Nightmare: Firm Made $2.3B in Illegal Home Payments, Affecting 500K Customers

The CFPB fined ACI millions of dollars for harming mortgage customers during a failed payments test.

House on pile of money representing mortgage payment
(Image credit: Getty Images)

For many Americans, a home mortgage is the biggest, most important debt they'll ever carry. So it's crucial for everything from your credit score to your basic liquidity that monthly mortgage payments be handled correctly. The Consumer Financial Protection Bureau's (CFPB) latest enforcement action highlights a nightmare scenario, where a major payment processor illegally made unscheduled mortgage payments from half a million customers, causing untold stress and financial pain.

ACI's mortgage payment fiasco

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Ben Demers
Audience Engagement Manager,

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.