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

American Advisors Group

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-0026 12/7/2016 12/7/2016

CFPB Takes Action Against Reverse Mortgage Companies for Deceptive Advertising
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/american-advisors-group/

  • Consumer Financial Protection Bureau (CFPB)
  • Administrative filing
  • None
  • Nonbank
  • $400,000
  • Not Available

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