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CFPB hits lender for lies about government affiliation

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Mortgage Professional America | 09 Apr 2015, 11:40 AM Agree 0
The CFPB has slapped a lender with a $250,000 fine for deceptive advertising practices
  • Bill Davis | | 09 Apr 2015, 12:56 PM Agree 0
    majestic sucks.
  • Dan Mc | | 09 Apr 2015, 01:04 PM Agree 0
    It is good to see that the CFPB is doing something about deceptive advertising. I've seen many mailers that are misleading.
    I would think some kind of suspension and fine would be more appropriate. Companies like these will always keep trying to mislead and deceive.
  • Brett | | 09 Apr 2015, 01:19 PM Agree 0
    so out of those 100 k mailers lets say they close 1k at average 3000 profit. That is 3 million dollars. Pay the cfpb fine they still net 2.75 million sounds like good business plan to me.
  • LendingPro | | 09 Apr 2015, 01:23 PM Agree 0
    $250,000 fine? I've had $20,000 dinners with company execs before we went out and started spending money. What a joke. Just another ARM of the Obama administration "proving that change has come to hard working American's"...
  • | | 09 Apr 2015, 03:23 PM Agree 0
    Very common practice- Have had quite a few of my VA and FHA clients get calls saying : we are with the VA and want to lower your rate.
    Happy that they are loyal...
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