Biweekly mortgage payment problems

Screen Shot 2015-08-10 at 9.23.45 AMBy Lisa Prevost | The New York Times

Many lenders promote biweekly payment plans as a way to pay down mortgages more quickly. But the programs can sometimes be costly, and, as federal regulators recently found, may promise borrowers more than they actually deliver.

Last month, Paymap, a payment processing company and wholly owned subsidiary of Western Union, agreed to return $33.4 million in fees to consumers and pay a $5 million fine in an action brought by the Consumer Financial Protection Bureau.

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