General World News

CFPB settles with reverse lender over “deceptive” home estimates

The Consumer Financial Protection Bureau (CFPB) today settled a lawsuit against the nation’s largest reverse mortgage lender for allegedly sending consumers inflated home valuations.

In a lawsuit filed today in the U.S. District Court of California’s Central District, the CFPB alleged that Irvine, California-based American Advisors Group (AAG) sent borrowers deceptive and inflated home estimates in direct mailers to convince consumers to take out a reverse mortgage. The direct mailers advertised a prominent “estimated home value,” per the court filing, which the CFPB claimed was inflated.

The agency does not explain how it determined the values were inflated, nor does it offer details ⇒

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