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Saturday, February 24, 2024
Feb. 24, 2024

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State charges Quicken Loans with misleading ads

The Columbian

The state Department of Financial Institutions has charged Michigan-based Quicken Loans with using false and misleading ads in its mortgage offers targeted at Washington military service members and veterans.

In 2014, Quicken Loans distributed more than 60 different direct mail solicitations in the state that offered service members and veterans Veterans Administration-guaranteed mortgage loans, the Department of Financial Institutions said. The solicitations contained violations of state and federal laws prohibiting false and misleading advertising and included the use of “official looking” seals of the Department of Veterans Affairs, it said.

The state “intends to prevent further advertising of VA loans in Washington by Quicken Loans until it can demonstrate, to our satisfaction, that it has systems in place that are reasonably designed to detect and prevent the distribution of any false, deceptive or misleading advertising,” Consumer Services Director Charles Clark said in a statement.