Many finance companies do a good job of providing accurate advertising that generates leads and can be developed into new business. However, the results below, even though well-intentioned, did not meet the criteria set forth by the CFPB.
This post consists of public information available on the websites of CFPB and BBB.
Prime Choice Funding
On July 24, 2020, Prime Choice Funding entered into a Consent Order with the Bureau of Consumer Financial Protection (CFPB).
Issued a civil penalty of $645,000 for deceptive, misleading advertising marked with TILA violations.
Link: https://files.consumerfinance.gov/f/documents/cfpb_prime-choice-funding_consent-order_2020-07.pdf
Sovereign Lending Group
On July 24, 2020, Sovereign Lending Group Inc entered into a Consent Order with the Bureau of Consumer Financial Protection (CFPB).
Issued a civil penalty of $460,000 for deceptive, misleading VA mortgage advertising, and Reg Z violations.
Link: https://files.consumerfinance.gov/f/documents/cfpb_sovereign-lending-group_consent-order_2020-07.pdf
PHLoan FKA Pacific Home Loans, Inc.
On August 26, 2020, PHLoan entered into a Consent Order with the Bureau of Consumer Financial Protection (CFPB).
Issued a civil penalty of $260,000 for deceptive, misleading VA mortgage advertising.
Link: https://files.consumerfinance.gov/f/documents/cfpb_phloans_consent-order_2020-08.pdf
Clearpath Lending
On September 14, 2020, ClearPath Lending Inc entered into a Consent Order with the Bureau of Consumer Financial Protection (CFPB).
Issued a civil penalty of $625,000 for deceptive, misleading VA mortgage advertising.
Link: https://files.consumerfinance.gov/f/documents/cfpb_clearpath-lending-inc_consent-order_2020-09.pdf
On September 14, 2020, ClearPath Lending Inc entered into a Consent Order with the Bureau of Consumer Financial Protection (CFPB).
Issued a civil penalty of $150,000 for violations of TILA, Regulation Z, the MAP Rule, the CFPA in mortgage advertising.
Link: https://www.consumerfinance.gov/policy-compliance/enforcement/actions/go-direct-lenders-inc/
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