Industry News

Florida real estate lenders to donate $7,500 to settle probe

Companies agree to modify business practices

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Five real estate lenders have agreed to modify their business practices and donate a total of $7,500 to the state's hurricane relief fund to settle a probe by the Attorney General's office into alleged deceptive advertising practices targeting the Orlando, Fla., area, officials said Friday. Florida Attorney General Charlie Crist announced Friday that his office had reached agreements with the five lenders requiring them to "strictly adhere to the federal Truth in Lending Act, as well as other state statutory regulations and mandates," and donate $7,500 to the hurricane relief fund. The lenders are: Streamline Mortgage Solutions Inc.; Simple Home Loans; Premier Mortgage Funding Inc.; CFL Home Equity Inc., and JVD Financial Services Inc. The companies allegedly advertised financing options available to Hispanic homeowners, but the advertisements' disclosures were frequently written in English, failing to fully and clearly disclose terms of the financing options, the Attorney General's ...