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Mortgage lead generator pays $225,000 CMP
The Federal Trade Commission has announced that GoloansOnline.com, a Houston-based online operation in the business of finding potential borrowers for mortgage companies, will pay a $225,000 civil money penalty (CMP) to settle charges that it deceived consumers about the terms of the mortgages. The FTC alleged the company advertised low interest-rate loans as fixed-rate mortgages, when in fact they were adjustable-rate mortgages that could become more expensive for borrowers over time. It also allegedly failed to include important disclosures, such as the annual percentage rate, amount of downpayment, and repayment terms that figure into the advertised payment amounts and interest rate.