News : DCUC Insights

BCFP files complaint against Village Capital & Investment LLC

Friday, December 7, 2018  
Share |

BCFP yesterday filed a complaint against Village Capital & Investment LLC, alleging that the mortgage company misled veterans on loans to refinance their mortgages.

The Nevada-based company allegedly sold veterans the refinanced loans using deceptive spreadsheet presentations that:

  • inflated the future amount owed under the consumer's existing mortgage
  • underestimated the future amount of the refinanced mortgage's monthly payments by overestimating the loan's term
  • overestimate[ed] the total monthly benefit of the loan after the first month 

The Bureau CFPB proposed an order requiring Village Capital to pay $268,869 to consumers and a $260,000 civil penalty.

Read More >>>

Find a Defense Credit Union Today