Mortgage Broker Targeting U.S. Servicemembers Will Pay Record $7.5 Million to Settle Alleged Telemarketing Violations

June 27, 2013
Imperial Valley News  
mortgage lending news

The Federal Trade Commission (FTC) will collect a $7.5 million civil penalty from Mortgage Investors Corporation, a refinancer of veterans’ home loans, for allegedly violating Do Not Call provisions. The penalty is not only the largest fine ever collected for such a violation, but also the first FTC action brought to enforce the Mortgage Acts and Practices - Advertising (MAP) Rule, which allows the agency to collect civil penalties for deceptive mortgage ads. The FTC's complaint alleges that Mortgage Investors Corporation contacted consumers on the National Do Not Call Registry, failed to remove consumers from its call list when asked, and misstated the terms of available loan products. The settlement was announced on the registry's 10-year anniversary.
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