What os a Reverse Mortgage

The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) published a common inquiry into allegations of deceptive mortgage-related publicity in November 2012. FTC and CFPB shall split the executive body between non-bank mortgage promoters such as mortgage creditors, agents, service providers and publicity agents under the Mortgage Acts and Practices Rule, 12 CFR Part 1014.

Potentially affected undertakings should re-examine their practice in the light of such regulation and with a view to possible follow-up processes in the field of retail customer use. All in all, the rating agencies sent 32 warnings to businesses for potentially deceptive mortgage notices. FTC gave 20 warnings to realtors, home owners and leads and CFPB gave 12 warnings to mortgage providers and realtors.

Neteen inquiries were also initiated for more serious allegations of infringement - 13 by the FTC and six by CFPB. Target marketers were chosen on the basis of a chance poll of 800 mortgage-related ads in newspaper, email, online mail and web sites carried out by the two mortgage companies. As the FTC explained, the purpose of the combined inquiry is to "encourage" adherence to the Mortgage Acts and Practices Rule, which provides for the imposition of sanctions under private law for significant misrepresentation in any form of commercially available communications relating to mortgage finance.

This includes mortgage creditors, realtors and service providers, realtors and realtors, advertisers, lead producers and others. CFPB declared that it was misleading: CFPB explained that it was deceptive to'state that a customer is pre-approved or preguaranteed for certain lending interest or conditions'. Deceptive information about reverse mortgages on paper - these would imply entitlements that reverse mortgages allow the borrower to remain in their home without payment or penalty.

CFPB declared that it was misleading: "propose that users who take out a reverse mortgage "will not be paid ", notwithstanding that such users may remain liable for taxes and insurances [and] indicate that a user who takes out a reverse mortgage will have the possibility to obtain a rebate on outstanding debit balances in respect of the loan".

Misrepresentation of the amount of money or credits, including cheques and the claim that the customer would be eligible for money or credits in advance, although indeed extra measures would need to be taken. Mortgage Advertisers " (November 19, 2012), available at ftc.gov/opa/2012/11/mortgageadvertise.

FTC Declaration; Consumer Food Safety Agency (Consumer Food and Drug Administration); FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; Consumer Declaration; FTC Declaration; FTC Declaration; Consumer Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; FTC Declaration; CFPB Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Declaration; Consumer Protection; Consumer Declaration; Consumer Protection; Consumer Protection; Consumer Protection; Consumer Protection Protection; Consumer Protection Protection. See FTC Declaration, Supranote 1; GFPB Declaration; Office for Monetary Affairs, Example Letter of Alert (19 November 2012), available at files.consumerfinance.gov/f/201211_cfpb_generic_warning_letter_older_Americans. pdf and files.consumerfinance.gov/f/201211_cfpb_generic_warning_letter_veterans. pdf (CFPB letter of alerts).

Holly Petraeus and Assistant Director for the Office for Older Americans Skip Humphrey, "Buyer wise - Potentially misleading mortgage advertisements are aimed at vets and older Americans, Consumer Financial Protection Bureau" (November 19, 2012), available at www.consumerfinance.gov/blog/buyer-beware-potentially-deceptive-mortgage-ads-are-targeting_veterans-and-older-americans/. Mortgage laws and practices - Advertising, final rule, 76 Fed Reg 43826 (July 22, 2011), available at www.ftc.gov/opa/2011/07/mortgageads.shtm.

FTC-Warnschreiben ( 19 November 2012), available at ftc.gov/os/2012/11/121119 Hypothekenbrief. pdf; CFPB-Warnschreiben, supra grade 3.