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Home lender lied about loan specifics in addition to calling 5.4 million people on the national DNC registry

The Federal Trade Commission announced this week that it has won a massive civil penalty against Mortgage Investors Corporation for violating Do Not Call List statutes. The FTC says it won a $7.5 million civil penalty against the mortgage company for calling up 5.4 million numbers that are on the national Do Not Call Registry.

Mortgage Investors Corporation is said to be one of the largest financers of veteran's home loans. The FTC alleges that the mortgage company not only called consumers who were on the national Do Not Call Registry, but that it failed remove consumers from its call list when they asked and misstated terms of available loans during their telemarketing calls.

The people targeted were current and former U.S. military personnel, and the actions constitute a violation of the Telemarketing Sales Rule. The FTC says that the telemarketers misled consumers into believing that low interest, fixed-rate mortgages were available at no cost and often quoted rates to consumers that they implied by that would last the duration of their loan.

The FTC says that in reality the product the company was offering was an adjustable-rate mortgage where the payments would increase with rising interest rates and would require the consumer to pay closing costs. Mortgage Investors Corporation also allegedly misled consumers about its affiliation with the Department of Veterans Affairs.
 
The announcement of the $7.5 million fine came on the 10-year anniversary of the national Do Not Call Registry.

Source: Network World



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MIC cold called me and.....
By TennesseeTony on 6/29/2013 7:28:07 PM , Rating: 2
I kept ignoring the unknown number for a long time. They were relentless, calling at varied hours. Finally I answered, realized it was a cold call, and warned them I was registered on the Do Not Call list. "WE DON"T CARE" was the basic reply.

Long story short, for ME, the loan was actually very beneficial. So I took the loan. Then reported them to the FTC. Lol.

It gives me great satisfaction to see them slapped with ANY fine. It will show now in any (re)search results of prospective clients, and long term it will likely result in a tremendous loss of business, thus compounding the fine.




By Dr of crap on 7/1/2013 12:38:59 PM , Rating: 2
We get the unknown number ALL the time, and it charities calling, disabled vets, red cross, ect.
I think they have INCREASED their calling in the past year or two and they are kind of annoying with the daily calling!
AND they are allowed to call even if your listed on the do not call list since they are charities!


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