CFPB orders NewDay USA to pay $2.25M for providing misleading costs on 3,000 V.A. cash-out refis
Briefly

from www.housingwire.com4 weeks ago
NewDay USA provided misleading cost comparisons to borrowers, misrepresenting the full costs of cash-out refinance loans, causing potential financial miscalculations for veterans.
www.housingwire.comhttps://www.housingwire.com/articles/cfpb-orders-newday-usa-to-pay-2-25m-for-providing-misleading-costs-on-3000-v-a-cash-out-refis/
The settlement, which includes a $2.25 million civil penalty, addresses minor reporting errors that allegedly had no financial impact on veteran borrowers.
www.housingwire.comhttps://www.housingwire.com/articles/cfpb-orders-newday-usa-to-pay-2-25m-for-providing-misleading-costs-on-3000-v-a-cash-out-refis/
CFPB Director Rohit Chopra criticized NewDay USA for baiting veterans into cash-out refinance loans by obscuring the true costs, indicating serious misconduct.
www.housingwire.comhttps://www.housingwire.com/articles/cfpb-orders-newday-usa-to-pay-2-25m-for-providing-misleading-costs-on-3000-v-a-cash-out-refis/
The misleading worksheets inaccurately compared monthly payments before and after refinancing, making new loans seem cheaper, misleading veterans about their financial decisions.
www.housingwire.comhttps://www.housingwire.com/articles/cfpb-orders-newday-usa-to-pay-2-25m-for-providing-misleading-costs-on-3000-v-a-cash-out-refis/
Read at www.housingwire.com
#newday-usa #cfpb #mortgage-lending #veterans #refinance-loans
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