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CFPB goes after VA Refinance lenders
Minneapolis, MN: The Consumer Financial Protection Bureau (CFPB) has been receiving a large number of complaints about misleading advertising for VA refinance loans.
The Bureau reviewed about 1,800 of these complaints received since record keeping started in 2012, all of them about refinance transactions.
VA loan refinancing has two great option, the most popular one known as a VA Streamline Refinance, or IRRRL Refinance (Interest Rate Reduction Refinance Loan). The streamline refinance, just as the name implies, is easier, requires less documentation, and generally also does not require an appraisal.
Due to the ease of the loan, and the ability for mortgage companies to buy lists of existing VA loans, our military personal are highly targeted with mailings, telemarketing, and even television infomercials to entice existing VA loan holders to refinance.
Many of these lenders are very aggressive, they do not bother, or do not fully explain the program and how it works, and sometimes, the loan may not even be financially beneficial to the homeowner.
Many of these lenders are also agressive about 'churning' loans, which is an illegal practice of getting consumers to do multiple refinances with little to no real benefit to the homeowner.
 
The CFPB has taken notice
I personally have seen many TV commercials, ... more

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