Business ProfileforAccelerate Mortgage, LLC
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The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
The Consumer Financial Protection Bureau (Bureau) issued a consent order against Accelerate Mortgage, LLC (Accelerate), a Delaware limited liability corporation that is licensed as a mortgage broker and lender in about 31 states. Accelerate offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). Accelerate’s principal means of advertising VA-guaranteed loans is through direct-mail advertisements sent primarily to United States military servicemembers and veterans. The Bureau found that Accelerate sent consumers 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 (CFPA) prohibition against deceptive acts and practices, the Mortgage Acts and Practices – Advertising Rule (MAP Rule), and Regulation Z. The consent order requires Accelerate to pay a civil money penalty and imposes requirements to prevent future violations.
The consent order against Accelerate requires Accelerate to pay a civil penalty of $225,000. The consent order also imposes injunctive relief to prevent future violations, including requiring Accelerate to bolster its compliance functions by designating an advertising compliance official who must review its mortgage advertisements for compliance with mortgage advertising laws prior to their use; prohibiting misrepresentations similar to those identified by the Bureau; and requiring Accelerate to comply with certain enhanced disclosure requirements to prevent future misrepresentations.
The Assurance was for settlement purposes and should not be considered as an admission of guilt or finding of violation of the law.
The action is final.
The full settlement can be found here:
https://files.consumerfinance.gov/f/documents/cfpb_accelerate-mortgage-llc_consent-order_2020-09.pdf
At-a-glance
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Business Details
- Location of This Business
- 750 Prides Xing Ste 303, Newark, DE 19713-6105
- BBB File Opened:
- 4/17/2018
- Years in Business:
- 7
- Business Started:
- 11/3/2017
- Business Incorporated:
- 11/3/2017
- Accredited Since:
- 5/24/2018
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
- Type of Entity:
- Limited Liability Company (LLC)
- Alternate Business Name
- Accelerate Home Loans
- Business Management
- Mr. Jeff Brohawn, COO
- Mr. Michael Kacor, CEO
- Contact Information
Principal
- Mr. Michael Kacor, CEO
- Additional Contact Information
Fax Numbers
- (855) 260-7186Primary Fax
Email Addresses
- Primary
- (855) 260-7186
Customer Complaints
0 Customer Complaints
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