Mortgage broker ordered to pay $7.5M settlement with FTC - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Mortgage broker ordered to pay $7.5M settlement

ATLANTA (WTOC) -

Mortgage Investors Corp. is ordered to pay $7.5 million in a settlement with the Federal Trade Commission for violations of the Do Not Call rule.

The company is one of the largest refinancers of veterans home loans, and it's the largest civil penalty the FTC has ever collected for such telemarketing violations, according to the Georgia Office of Consumer Protection.

When consumers register their phone number on the Do Not Call Registry, they opt out of receiving telemarketing calls. 

The FTC complaint alleged that the Mortgage Investors Corp. called consumers who were on the Federal Trade Commission's National Do Not Call Registry and did not remove people from its company call list upon demand, and misstated the terms of loan products on telemarketing calls. 

Telemarketers with the Mortgage Investors Corp. called more than 5.4 million numbers listed on the National Do Not Call Registry pitching home loan refinancing products to current and former U.S. military consumers, which violated the Do Not Call List rule, according to the FTC complaint. 

The telemarketers representing the company are also accused of leading   service members to believe that low interest, fixed rate mortgages were available at no cost and quoted rates that made it sound like they would last for the duration of the loan, according to the FTC. For more details about the settlement, see the Georgia Office of Consumer Protection

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