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››Reverse Mortgage Co. to Pay $ 1.3 Million in CFPB Settlement

Reverse Mortgage Co. to Pay $ 1.3 Million in CFPB Settlement

By Daniel Templeten
October 8, 2021
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By Katryna Perera (October 8, 2021, 7:55 p.m. EDT) – National reverse mortgage lender American Advisors Group has agreed to pay nearly $ 1.3 million to settle allegations that the lender with the Consumer Financial Protection Bureau allegedly used inflated and misleading house estimates to trick consumers into taking out reverse mortgages.

In a draft final judgment, the office said it was seeking a consent order that would bar AAG from future illegal behavior and require the company to pay a civil fine of $ 1.1 million and $ 173,400 in damages. of consumers.

The CFPB had filed a lawsuit in California federal court prior to the settlement, alleging that AAG also violated the Consumer Financial Protection Act …

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