Business ProfileforLow VA Rates
Current Alerts For This Business
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.
To view the consent order click here: https://files.consumerfinance.gov/f/documents/cfpb_low-va-rates-llc_consent-order_2020-10.pdf
At-a-glance
Related Categories
Business Details
- Location of This Business
- 1402 N Corinth St STE 119, Corinth, TX 76208-5445
- BBB File Opened:
- 12/9/2015
- Years in Business:
- 11
- Business Started:
- 8/16/2013
- Business Started Locally:
- 9/9/2013
- Business Incorporated:
- 8/16/2013 in CO, USA
- 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
- United Military Mortgage LLC
- Elevate Mortgage Group
- Foxtail Mortgage
- Contact Information
Principal
- Mr. Eric Kandell, President & LLC Managing Member
Other Contacts
- Mr. Craig Walton, HR Director
- Mrs. Liz Harris, Chief Compliance Officer
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.