CFPB-PR-240829-1 (Aug. 29, 2024)
CFPB Orders NewDay USA to Pay $2.25 Million for Illegally Luring Veterans and Military Families into Cash-Out Refinance Loans – NewDay USA’s deceptive tactics came amid VA home loan “churning” scandal
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against repeat offender New Day Financial (NewDay USA) for deceiving active duty servicemembers and veterans seeking cash-out refinance loans. The CFPB found that NewDay USA gave misleading and incomplete cost comparisons to borrowers refinancing in North Carolina, Maine, and Minnesota, which made the company’s loans appear less expensive relative to their existing mortgages. The CFPB is ordering NewDay USA to pay a $2.25 million civil penalty to the CFPB’s victims relief fund.
Date: Aug. 29, 2024
Accessed: Aug. 31, 2024
Categories:
- CFPB
- CFPB-24
- CFPB-2401
- Mortage Churning
- Cash-Out Refinance Loans
- Veterans and Military Families
- New Day Financial, LLC
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