25 Dec

The CFPB additionally provides samples of adverts it discovered had been missing terms being needed

On August 21, 2020, the CFPB announced the issuance of the permission purchase against Go Direct Lenders, Inc. (Go Direct).

This follows consent requests discussed in a past post, which were established on July 24, 2020 against Sovereign Lending Group, Inc. (Sovereign) and Prime Selection Funding, Inc. (Prime Choice). The CFPB suggested into the Go Direct statement that the permission purchase may be the 3rd to result from a range CFPB investigations into businesses presumably making use of misleading direct mail campaigns to promote VA guaranteed in full mortgages. Such as the permission purchases with Sovereign and Prime Selection, the most up-to-date permission purchase offers up civil money charges, with Go Direct ordered to cover $150,000.

Because it did within the Sovereign and Prime solution permission sales, the CFPB discovers within the Go Direct consent purchase that Go Direct violated Regulation Z therefore the Mortgage Acts and Practices Advertising Rule (the “MAP Rule” or Regulation N), and Title X associated with the Dodd Frank Act (the customer Financial Protection Act) in its marketing of VA guaranteed mortgages to solution members and veterans. Read More