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Small Lender Busted for Deceptive Marketing by Local Media

201004051019.jpgReverse mortgage lenders using direct mail pieces which look like it was sent from a government entity is certainly not the way the majority of companies market their business but it continues to happen. Another case was recently discovered by NBC 12 in False Foreclosure notices.

One reverse mortgage lender which portrayed itself as Government Loan Division, UCL mailed Edie Bennett a piece of mail which said that a reverse mortgage could prevent her home from being foreclosed on despite the fact she is current on her mortgage. “I’m not delinquent and I’m not facing foreclosure,” said Edie Bennett during an interview with NBC 12.

According to NBC 12, the name of the company portraying itself as Government Loan Division, UCL, is United Capital Lenders. US Department of Housing and Urban Development data shows the lender is based in Southampton, PA and doesn’t have a large reverse mortgage division. The company endorsed 18 HECMs in 2009 and only 3 so far in 2010.

To see the video check out the link below.

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False Foreclosure notices

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