Login

Tell a Friend

Latest Mariner

HAPPY 100 YEARS NAVY RESERVE! 

 

 100 years navy

 

 

Visit Navy Reserve Centennial for a schedule of events: Navy Reserve Centennial

 

NERA Blog

VA Does Not Send Mortgage Ads

 

The VA Does Not Send Mortgage Ads

 

According to the Consumer Financing Protection Bureau (CFBC) over 100, 000 mailings were sent out advertising mortgages using the name, seal, and logos of the VA. Not only did these ads gave the impression that the VA endorsed these mortgages, these ads also misrepresented the price of the mortgages. The mailings did not disclose if the rate was fixed or variable and some of the disclosures were hidden within super fine print. Envelopes were labeled with warnings “fines or imprisonment”.  

 

Please note the VA will not send you mailings regarding mortgages. Mike Frueh, Director of the VA Home Loan Program, said the following about these false advertisings: “VA will never email or mail out solicitations for our loan program. VA does not endorse or sponsor any particular lender; instead, we work to ensure all Veterans and Servicemembers can safely use the benefit they’ve earned, at the lender of their choice. If you have any questions about your home loan benefit, please visit the VA website, or call VA at (877) 827-3702.”

 

The Consumer Financing Protection Bureau and NERA want to bring attention to this problem and help any avoid being taken in by these deceptive practices.  According to the CFBC, practice the following tips and you can avoid being tricked by these clever tactics:

 

    • Be a savvy consumer— look at everything an advertiser has to say about the product they’re selling. Today’s action involved a mortgage lender that placed flashy seals and logos front and center, but hid important disclosures in the fine print on the back of their ads.
    •  

       

    • Get information from trusted sources — even if an ad is plastered in official-looking seals and impressive endorsements, check with a trusted source to learn all you can about the product being advertised. Learn more about VA loans and refinances or contact CFBC with any questions.
    •  

       

    •  Report a misleading ad— if you see an ad that looks deceptive or misleading, or just looks too good to be true, submit a complaint to http://www.consumerfinance.gov/complaint/.  CFBC accepts complaints about mortgages and other financial products marketed to veterans, such as consumer loans.

 

The CFPB is ordering this company that sent out these phony VA mortgage advertisements to end its illegal and deceptive practices and pay a civil penalty of $250,000.  NERA will keep you updated and will inform you of other deceptive advertising practices.

 

 

dept of VA

 

 


 

 

NERA Sponsors

 

  usaa_logo              logo navytimes

 

NERA Social Media

 
 
facebook1   twitter    googleplus     linkin     youtube
 

Donate

Who's Online

We have 129 guests and 3 members online

2015 NERA/USAA Scholarship

Navy Reserve Centennial Book

NRCC100 Flyer 800

Navy Anniversary Coin

NERA’s NAVY Reserve 100 Years Commemorative Coin
 

The US Navy Reserve has been ready to answer our Nation’s call for almost 100 years.  

 

The mission of the Navy Reserve is to deliver operational capability and strategic depth to the Navy, Marine Corps, and Joint Forces.

 

Anniversary Coin front

Anniversary Coin back

 

On March 3, 2015 the US Navy Reserve will celebrate its centennial anniversary and NERA wanted to commemorate this special occasion with these coins.  

 

If you would like to purchase a coin for $10.00 ($2.00 shipping), please contact Jennifer jabbott@nera.org or call at (800)-776-9020.

(Discounts for orders of 10 or more).