BCFP files complaint against Village Capital & Investment LLC
Friday, December 7, 2018
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.
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