10/22/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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The Company CAPCENTER MORTGAGE NMLS # XXXX is advertising on the internet ( https : //capcenter.com ) and heavily on the radio ( and possibly television ) that their mortgages have " ZERO CLOSING COSTS. '' This is untrue. All Mortgages have Closing Costs. They are using Lender Credits to pay for a consumer 's closing costs. Their own fine print explains this but not prominently. The radio ads ignore this altogether.
Those Lender Credits are offered in exchange for a higher interest rate than a consumer would otherwise pay if that consumer paid his or her own closing costs or " rolled them in '' to their new mortgage. They never mention this fact but for the fine print.
This highly deceptive type of advertising is a direct violation of 12CFR1014 among other statutes. It is a violation of UDAAP. It needs to be investigated and the company ordered to cease and desist.
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03/21/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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Misleading advertisement by the CapCenter, Virginia. The CapCenter advertises zero closing mortgages. For example, when quoted on-line it shows that for an investment property XXXX fixed loan is priced at 3.5 % and that closing costs are only the taxes to be paid. After application is filed ( XXXX is XXXX ), the company reports that they need to charge a $ XXXX fee because property is " investment '' or charge a higher XXXX ( XXXX higher than quoted on-line ). Both on-line and after application quote have the same information, same purpose, same assumptions and the same income information. This is a predatory lending practice.
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09/27/2016 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Settlement process and costs
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Web |
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