Business ProfileforLow VA Rates
Current Alerts For This Business
1C. Be free from government action that demonstrates a significant failure to support BBB ethical principles in marketplace transactions (this requires a determination by BBB as to the nature of any violation, whether it was caused or condoned by management, and actions taken to resolve underlying issues that led to the government action).
Additional business information
On October 26, 2020, Low VA Rates, LLC entered into a Consent Order with the Bureau of Consumer Financial Protection. The consent order settles concerns that the business sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) that contained false, misleading and inaccurate statements. The consent states that Low VA Rates' advertisements misrepresented the credit terms of the advertised mortgage loan by stating credit terms that the company was not actually prepared to offer to consumers, including misrepresenting the annual percentage rate applicable to the advertised mortgage. The consent further states that Low VA Rates misrepresented the existence, nature or amount of cash or credit available to consumers, and used misleading rhetorical questions, in connection with advertised mortgages. According to the consent, Low VA Rates advertisements also failed to properly disclose, when required by Regulation Z, credit terms for the advertised mortgage, such as the amount of each payment and time period of payments associated with consumers' repayment obligations over the full term of the loan. The consent also states that Low VA Rates' advertisements also misleadingly indicated that its mortgage products could help consumers eliminate debt. The consent order requires Low VA Rates to pay a civil money penalty of $1,800,000 to the Bureau and imposes requirements to prevent future violations. To prevent future violations, the consent order requires Low VA Rates 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 use. The consent order also prohibits Low VA Rates from making misrepresentations like those identified by the Bureau through its investigation, and requires Low VA Rates to comply with certain enhanced disclosure requirements. In agreeing to the consent order, Low VA Rates did not admit that its conduct violated the law.
At-a-glance
This rating reflects BBB's opinion about the entire organization's interactions with its customers, including interactions with local locations.
Related Categories
Overview
Business Details
- Location of This Business
- 44 E Main St, Adrian, MO 64720
- BBB File Opened:
- 7/13/2017
- Years in Business:
- 10
- Business Started:
- 1/1/2014
- Business Management
- Mr. Eric Kandall, Member
- Contact Information
Principal
- Mr. Eric Kandall, Member
Customer Contact
- Mr. Eric Kandall, Member
- Additional Contact Information
Email Addresses
- Primary
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