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ARTICLE · 04 SEPTEMBER 2020

Two Mortgage Brokers Settle CFPB Charges For Deceptive Advertising

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Two mortgage brokers settled CFPB charges for misleading and deceptive advertising and inadequate disclosures.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Two mortgage brokers settled CFPB charges for misleading and deceptive advertising and inadequate disclosures. The CFPB found that the brokers made false statements to servicemembers and veterans concerning credit terms and the brokers' affiliation with the government.

In separate Consent Orders (see here and here), the CFPB stated that the brokers referenced specific interest rates and charges that they were not prepared to offer. The CFPB alleged that the brokers' advertisements (i) implied, falsely, that they were affiliated with the U.S. Department of Veterans Affairs and (ii) falsely stated that the "Economic Stimulus Program will end soon [notwithstanding the fact that] there is currently no plan to extend the Stimulus Program." Further, the CFPB found that both brokers advertised false estimates of the amount of escrow refunds.

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