Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) has been on a two-month enforcement tear aimed at mortgage lenders employing deceptive practices in the VA mortgage lending area. The Bureau has issued consent orders against six companies since late July in what it terms a “sweep” i n response to concerns about potentially unlawful advertising in the market that the VA identified. CFPB found the companies had sent direct-mail advertisements primarily to military servicemembers and veterans that contained false, misleading, and inaccurate statements or lacked required disclosures. The complaints set forth similar instances of violations of the Consumer Financial Protection Act’s (CFPA) prohibition against deceptive acts and practices, the Mortgage Acts and Practices – Advertising Rule (MAP Rule…(read more)

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Source: Mortgage News Daily