CFPB Settles With Mortgage Company On Deceptive Loan Ads Sent To Service Members And Vets – NMP Skip to main content

CFPB Settles With Mortgage Company On Deceptive Loan Ads Sent To Service Members And Vets

Oct 27, 2020
CFPB logo
Director of Events

The Consumer Financial Protection Bureau issued a consent order against Low VA Rates LLC after finding that the company sent mailers for mortgage loans guaranteed by the U.S. Department of Veteran Affairs containing false, misleading and inaccurate statements, according to a press release.

According to the CFPB's report, Low VA Rates' conduct violated the Consumer Financial Protection Act's Mortgage Acts and Practices - Advertising Rule and Regulation Z. The Utah-based mortgage lender and broker incorporated in Colorado is licensed in 48 states and the District of Columbia used direct-mail to primarily advertise to U.S. military service members and veterans. The CFPB's consent to order requires that Low Va Rates pay a penalty of $1.8 million to the bureau while imposing requirements to prevent future violations.

"Today’s action is the ninth and last case stemming from a Bureau sweep of investigations of multiple mortgage companies that used deceptive mailers to advertise VA-guaranteed mortgages," according to the CFPB report.

"The Bureau commenced this sweep in response to concerns raised by the VA about potentially unlawful advertising in the mortgage lending market."

Click here to read more about the settlement. 

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
Oct 27, 2020
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Jul 02, 2026
President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Jun 24, 2026
Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Jun 18, 2026