ACI Payments to pay $20 million to state regulators over erroneous mortgage payments

ACI Worldwide

17/10/2023 15:52

WASHINGTON, Oct 17 (Reuters) - ACI Payments Inc agreed
to pay $20 million to state agencies and attorneys general for
erroneously initiating electronic transactions totaling $2.3
billion from the accounts of 480,000 mortgage-holders serviced
by Mr. Cooper, regulators said on Tuesday.  
    Mr. Cooper offered ACI Payments' Speedpay product for its
customers to automatically schedule their mortgage payments. The
violations occurred when ACI Payments made errors during a test
of the Speedpay platform, causing unexpected and sometimes
multiple mortgage payments from customer accounts, the
Conference of State Bank Supervisors said on Tuesday.

 (Reporting by Michelle Price)
 ((michelle.price@thomsonreuters.com; +12026041711; Twitter:
@michelleprice36;))