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CFPB issues consent order against mortgage broker
The Bureau has issued a consent order against PHLoans.com, Inc., a California corporation that is licensed as a mortgage broker or lender in about 11 states. The Bureau found that PHLoans sent consumers numerous mailers for VA-guaranteed mortgages that contained false, misleading, and inaccurate statements or that lacked required disclosures, in violation of the Consumer Financial Protection Act’s prohibition against deceptive acts and practices, the Mortgage Acts and Practices–Advertising Rule (MAP Rule), and Regulation Z. The consent order requires PHLoans to pay a civil money penalty of $260,000 and imposes requirements to prevent future violations.
This is the fourth case stemming from a Bureau sweep of investigations of multiple mortgage companies that use deceptive mailers to advertise VA-guaranteed mortgages.
PDF of Consent Order against PHLoans