Mortgage broker agrees to pay largest ever 'Do Not Call' fine

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The Federal Trade Commission says it’s reached a $7.5 million settlement with a mortgage broker that it accused of calling more than 5.4 million phone numbers listed on the National Do Not Call Registry.

The settlement with Mortgage Investors Corp. — which imposed the largest fine the FTC has ever collected for alleged “Do Not Call” violations — was the first action brought by the FTC to enforce the Mortgage Acts and Practices advertising rule, which allows the FTC to collect civil penalties for deceptive mortgage ads.

In a coordinated action in November, the FTC and Consumer Financial Protection Bureau sent warning letters to more than 30 companies, including real estate agents and homebuilders, warning them that their mortgage advertising on websites, Facebook and in newspapers and direct mailers may be deceptive. Source: ftc.gov.