{"id":7691,"date":"2023-02-27T15:07:08","date_gmt":"2023-02-27T21:07:08","guid":{"rendered":"https:\/\/nwfl4sale.com\/cfpb-shuts-down-majestic-home-loans\/"},"modified":"2023-02-27T15:07:08","modified_gmt":"2023-02-27T21:07:08","slug":"cfpb-shuts-down-majestic-home-loans","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/cfpb-shuts-down-majestic-home-loans\/","title":{"rendered":"CFPB Shuts Down Majestic Home Loans"},"content":{"rendered":"
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Owned by RMK Financial, the lender was shut down for repeated offenses, notably lying to military families applying for VA loans.<\/span><\/span><\/p>\n<\/div>\n WASHINGTON, D.C. \u2013 The Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation, which does business as Majestic Home Loans.<\/span><\/span><\/p>\n In 2015, CFPB issued an agency order against RMK for, among other things, sending advertisements to military families that led the recipients to believe the company was affiliated with the United States government. Despite the 2015 order, the company engaged in a series of repeat offenses, including disseminating millions of mortgage advertisements to military families that deceptively used fake U.S. Department of Veterans Affairs (VA) seals, the Federal Housing Administration (FHA) logo, and other language or design elements to falsely imply that RMK was affiliated with the government, CFPB says. <\/span><\/span><\/p>\n In addition to the ban, RMK will also pay a $1 million penalty that will be deposited into the CFPB\u2019s victims relief fund.<\/span><\/span><\/p>\n \u201cEven after the 2015 law enforcement order, RMK continued to lie to military families by falsely implying government endorsement of its home loans,\u201d said CFPB Director Rohit Chopra. \u201cOur action reflects our commitment to weed out repeat offenders, and we are shutting down this outfit for good.\u201d<\/span><\/span><\/p>\n CFPB says the company sent millions of mortgage advertisements to military families with deceptive representations or contained inadequate or impermissible disclosures in violation of the 2015 order, the Consumer Financial Protection Act, the Mortgage Acts and Practices Advertising Rule, and the Truth in Lending Act.<\/span><\/span><\/p>\n Consumers can submit complaints about financial products and services by visiting the\u00a0CFPB\u2019s website<\/a>\u00a0or by calling (855) 411-CFPB (2372).<\/span><\/span><\/p>\n \u00a9 2023 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n <\/p>\n <\/p>\nCPFB allegations against RMK<\/span><\/span><\/h3>\n
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Additional VA loan information<\/span><\/span><\/h3>\n
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