October 26, 2020

The CFPB has ordered Low VA Rates LLC to pay $1.8 million for sending consumers mailers that deceptively marketed VA-guaranteed mortgage loans.  In violation of the CFPA prohibition against deceptive acts and practices, the Mortgage Acts and Practices – Advertising Rule, and Regulation Z, the ads were found to misrepresent the credit terms of the loans, including the amount of each payment and the annual percentage rate, and misleadingly indicate that it could help consumers eliminate debt.  This is the ninth such enforcement action by the CFPB against deceptive mailers of VA-guaranteed mortgage loans.  In total, the CFPB has obtained more than $4.4 million in civil money penalties.  CFPB

Tagged in: Financial and Investment Fraud,