Migliaccio & Rathod LLP is currently investigating nine separate Veterans Affairs (VA) mortgage lenders for false representations made in promotional materials for their mortgage loan offerings. Advertisements for these lenders’ offerings frequently misstate the proposed credit terms, promoting credit rates that the lenders do not in fact intend to offer to consumers. Their advertisements also often appropriate imagery and phrases from government agencies such as the VA and IRS, falsely implying an affiliation between the lenders and these government entities. Lenders primarily target veterans and active service members with their deceptive marketing materials and use this implied affiliation to garner trust and favor with potential borrowers. The nine mortgage companies under investigation are:
- Prime Choice Funding, Inc.
- Sovereign Lending Group, Inc.
- Go Direct Lenders, Inc.
- PHLoans.com, Inc.
- Hypotec, Inc.
- Service 1st Mortgage, Inc.
- Accelerate Mortgage, LLC
- ClearPath Lending, Inc.
- Low VA Rates, LLC
The Consumer Financial Protection Bureau (CFPB) has issued consent orders against each of the nine companies listed above, charging them over $4.4 million in collective civil penalties.
Have you taken out a loan from one or more of these mortgage companies following exposure to their misleading promotional materials?
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The lawyers at Migliaccio & Rathod LLP have years of experience in class action litigation against large corporations, including in cases involving unfair and deceptive trade practices. More information about our current cases and investigations is available on our blog.