Consumer ProtectionDeceptive Trade Practice

Investigation of Nationwide Equities’ False and Misleading Advertising

Migliaccio & Rathod LLP is currently investigating Nationwide Equities Corporation for false representations made in promotional materials for their reverse mortgage loan offerings. Nationwide Equities has been accused of misrepresenting, specifically, the costs of its reverse mortgages, the tax implications of the offerings, and potential savings for consumers. Moreover, they represented to consumers that they had issued pre-approvals for loans, despite knowing that they had not pre-approved them. Nationwide Equities made such offerings and promotions without ever intending to honor their promises. Consumers report that as a result, they were misled into detrimental reverse mortgages, far different from the ones to which they believed they were agreeing.

On April 30, 2021, the Consumer Financial Protection Bureau (“CFPB”), who regulates the Nationwide Equities Corporation, reached a settlement with the reverse mortgage lender for its mishandling of its business. The CFPB required Nationwide Equities to pay a civil penalty of $140,000 for their deceptive marketing practices. Additionally, they have been enjoined from these prior business practices and made to develop a system which includes an official who monitors their compliance with consumer protection laws going forward. However, this settlement did not include any benefits for the customers who were directly and negatively impacted by the unfair contracts. Therefore, we are investigating the possibility of bringing forward a class action case through which to hold Nationwide Equities accountable directly to their customers.

Have you taken out a reverse mortgage from Nationwide Equities Corporation following exposure to their misleading promotional materials and representations?

If so, we would like to hear from you. Please complete the contact form on this page, send us an email at info@classlawdc.com, or give us a call at (202) 470-3520.

Committed to Consumer Protection

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.

 

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