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CFPB shuts down mortgage lender over deceptive ads
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Consumer Protection, Government Oversight, Nonbank Financial
Wednesday, March 1, 2023
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The Consumer Financial Protection Bureau (CFPB) announced it is permanently banning RMK Financial Corp., which does business as Majestic Home Loan, from the mortgage lending industry following alleged “repeat offenses” against military families.
The decision from the CFPB stems from a series of repeated enforcement orders against RMK starting in 2015. Along with the ban, RMK will be required to pay a monetary penalty to the CFPB’s victims relief fund.
Read on for more details.
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