The Consumer Financial Protection Bureau (CFPB) recently issued consent orders against three reverse mortgage companies for deceptive advertisements after consumers complained they were misled into thinking they faced no danger of losing their homes and would have no monthly payments with a reverse mortgage.
CFPB alleges that each company engaged in nearly identical activities, beginning in 2012, which the bureau deemed to be in violation of the Dodd-Frank Act’s provisions regarding unfair, deceptive or abusive acts or practices (UDAAP).
Read on to learn what actions CFPB cited in its consent orders against each company.