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

WASHINGTON, D.C. – Today 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. The CFPB is suing reverse mortgage lender All Financial Services, seeking to halt its illegal activities.

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 · Consumers Paid $49 Million in Fees for Deceptive Mortgage Payment Program Today the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal district court against Nationwide Biweekly Administration, Inc., Loan Payment Administration LLC, and.

April 9: The CFPB fined lender RMK Financial Corporation $250K for deceptive mortgage advertising practices, including those leading consumers to think the company was affiliated with the federal government according to Housing Wire. Learn more. CFPB Takes Action Against 3 Mortgage Companies for Misrepresenting U.S. Government Affiliation

CFPB Fines Mortgage Lender For Illegal Fee Splitting. After realizing that it had illegally split fees on 83 loans from August 2011 to April 2012, First Alliance reported its potential violations to the CFPB in January 2013, prompting the agency to begin an investigation. "First Alliance self-policed, promptly self-reported.

The companies all claimed in various ads that reverse mortgage borrowers could eliminate debt, make no monthly payments and live in their homes for the rest of their lives. "These companies tricked consumers into believing they could not lose their homes with a reverse mortgage," CFPB Director Richard Cordray said in a press release.

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Housing Wire – "CFPB fines mortgage lender $250K for claiming government affiliation in ads" (4-9-15) "The Consumer Financial Protection Bureau took action against RMK Financial Corporation for deceptive mortgage advertising practices, including ads that led consumers to believe that the company was affiliated with the U.S. government."