Visit Navy Reserve Centennial for a schedule of events: Navy Reserve Centennial
According to the Consumer Financing Protection Bureau (CFBC) over 100, 000 mailings were sent out advertising mortgages using the name, seal, and logos of the VA. Not only did these ads gave the impression that the VA endorsed these mortgages, these ads also misrepresented the price of the mortgages. The mailings did not disclose if the rate was fixed or variable and some of the disclosures were hidden within super fine print. Envelopes were labeled with warnings “fines or imprisonment”.
Please note the VA will not send you mailings regarding mortgages. Mike Frueh, Director of the VA Home Loan Program, said the following about these false advertisings: “VA will never email or mail out solicitations for our loan program. VA does not endorse or sponsor any particular lender; instead, we work to ensure all Veterans and Servicemembers can safely use the benefit they’ve earned, at the lender of their choice. If you have any questions about your home loan benefit, please visit the VA website, or call VA at (877) 827-3702.”
The Consumer Financing Protection Bureau and NERA want to bring attention to this problem and help any avoid being taken in by these deceptive practices. According to the CFBC, practice the following tips and you can avoid being tricked by these clever tactics:
The CFPB is ordering this company that sent out these phony VA mortgage advertisements to end its illegal and deceptive practices and pay a civil penalty of $250,000. NERA will keep you updated and will inform you of other deceptive advertising practices.