Consumer Bureau Action Tracker

CFPB – American Advisors Group, Reverse Mortgage Solutions, Inc. d/b/a Security 1 Lending, and Aegean Financial d/b/a Aegean Financial, Inc., Reverse Mortgage Professionals, Jubilados Financial, Newport Lending Reverse Mortgage, Promise Land Lending, Reverse Financial Group, and Reverse Mortgage Information Center


State

Nationwide

target

Reverse Mortgage Solutions, Inc. d/b/a Security 1 Lending

Topics

Enforcement, Reverse Mortgages, Mortgage Origination, Mortgages

The CFPB fined American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial nearly $800,000 for “using deceptive advertisements to sell reverse mortgages” by “promot[ing] the loans as essentially risk-free.” The CFPB fined American Advisors Group $400,000, Reverse Mortgage Solutions $325,000 and Aegean Financial $65,000.

  • “The largest penalty, $400,000, went to American Advisors Group, the largest reverse-mortgage lender in the United States. A second company, Reverse Mortgage Solutions, agreed to pay a $325,000 penalty. A third company, Aegean Financial, will pay a penalty of $65,000.” [Ann Carrns, “Reverse Mortgage Lenders Fined for Ads That ‘Tricked’ Older Borrowers”, New York Times, 12/09/16]

Status

Inactive or Resolved


2016-CFPB-0027 12/7/2016 12/7/2016

CFPB Takes Action Against Reverse Mortgage Companies for Deceptive Advertising
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/reverse-mortgage-solutions-inc-db-security-1-lending/

  • Consumer Financial Protection Bureau (CFPB)
  • Administrative filing
  • None
  • Nonbank
  • $325,000
  • Not Available

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