Nationwide Equities Corporation
On April 27, 2021, the Bureau issued a consent order against Nationwide Equities Corporation (NWEC), a reverse mortgage broker and lender. The Bureau found that NWEC sent direct mail solicitations and other marketing communications to hundreds of thousands of older borrowers that violated the Mortgage Acts and Practices Advertising Rule (MAP Rule) and Regulation Z, which implement the Truth in Lending Act. These violations also constituted violations of the Consumer Financial Protection Act of 2010. The Bureau’s consent order prohibits such misrepresentations and requires NWEC to affirmatively review each of its mortgage advertisement templates for compliance with consumer financial protection laws before disseminating ads to consumers. The Bureau’s consent order also requires NWEC to pay a $140,000 civil money penalty.
CFPB Takes Action Against Reverse Mortgage Lender for Deceptive Advertising