It's not just the car dealers who do that is it?? LOLOL
Legally anyone related to Real Estate and advertising have certain standards and disclosure requirements. That includes lenders. RESPA is a big deal in my little Realtor world!
But this company advertised low rates, then apparently got up front fees from would-be-scammed-clients that would not ultimately get the teaser rate.
As you all know, I'm always happy when justice prevails. I hate people that take advantage of other people. We are in an industry that we are supposed to be helping, not stealing from, our clients.
So, good for you CFPB! Thank you for finding these schmucks and making them pay back what they stole from thousands of good people!
Hoping this stops it from happening any more!