Village Capital and Investment, LLC
The Bureau alleges that Village Capital violated the Consumer Financial Protection Act of 2010 by misleading veterans regarding its Interest Rate Reduction Refinancing Loans—loans that allow veterans to refinance their mortgages at lower interest rates with a loan guaranteed by the Department of Veterans Affairs. Specifically, the Bureau alleges that Village Capital misled veterans by overstating the benefits of refinancing.
The order requires Village Capital to pay $268,869 in redress to consumers and a civil penalty of $260,000. The order also prohibits Village Capital from misrepresenting the terms or benefits of mortgage refinancing.