Browsing Tag:advertising

cfpb-takes-motion-towards-reverse-mortgage-lender-for-misleading-promoting
The Consumer Financial Protection Bureau took action against Nationwide Equities Corporation for sending fraudulent loan notices to hundreds of thousands of senior borrowers. The advertisement deliberately misled borrowers about the returns on a reverse mortgage, the fees and costs associated with the products, and the consequences of failing to pay under the CFPB Consent Order. Now, CFPB...
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updated-cfpb-takes-motion-in-opposition-to-reverse-mortgage-lender-for-promoting-practices
The Consumer Financial Protection Bureau (CFPB) announced Tuesday that it has cracked down on Mahwah, a New Jersey-based Reverse Mortgage Lender Nationwide Equities, for advertising practices it describes as "misleading," and accused the lender of materials of being against Violating the Mortgage Law and Practice Advertising Rule (MAP Rule), the Truth in Lending Act (TILA), and the Consumer Financial...
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reverse-mortgage-lender-settles-cfpb-costs-for-deceptive-promoting
A reverse mortgage lender paid CFPB fees for mailing advertisements to seniors that misrepresented the costs and risks associated with the lender's loans.In a declaration of consent, the CFPB stated that the company's advertisements: materially incorrectly stated the costs associated with the reverse mortgage; omitted the fact that borrowers would continue to have to make tax...
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cfpb-fines-reverse-mortgage-lender-over-its-promoting
Law360 (April 27, 2021 6:56 p.m. EDT) - The Consumer Financial Protection Bureau announced Tuesday that it had fined one of the country's largest reverse mortgage lenders $ 140,000 as part of a settlement Resolving allegations that have been misleadingly sent direct mail advertisements to hundreds of thousands of senior prospects.In a letter of consent, the CFPB stated that...
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