CFPB fines mortgage lender $250K for claiming government affiliation in ads

CFPB announced Thursday that it has taken action against three mortgage lenders for falsely implying U.S. government endorsement of their products. DSNews The homepage of the servicing industry Home

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A California-based lender led consumers to think that they were affiliated with the FHA and the VA, the CFPB alleges. CFPB hit them with a quarter-million-dollar fine, and then some.

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CFPB fines mortgage lender $250K for claiming government affiliation in ads So, beware of ads that claim some kind of affiliation with the government. High pressure sales High-pressure sales tactics are sometimes used to try to convince homeowners to cash out their home’s equity in order to invest in risky business ventures or to buy high.

CFPB Fines 3 Lenders for Implying Government Affiliation Feb 12 2015, 2:50PM Three mortgage lenders are facing civil action for false and misleading advertising.

CFPB said RMK’s practices violated the Truth in Lending Act, the Mortgage Acts and Practices Advertising Rule and other federal consumer laws. Under CFPB’s consent order, RMK will not be allowed to falsely claim a government affiliation in future advertisements and will pay a fine of $250,000.

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The CFPB is suing reverse mortgage lender All Financial Services, seeking to halt its illegal activities. The Consumer Financial Protection Bureau (CFPB) is taking action against three mortgage companies for misleading consumers with advertisements implying U.S. government approval of their products. Jobs, low interest and tight inventory set stage for 2015 growth One-third (32 percent) of home purchases made in May 2015 were by first-time home buyers, according to the National Association of Realtors. study of the best states for first-time home buyers..

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