CFPB
Nationwide Equities Corporation
April 27, 2021
Summary
The CFPB issued a consent order against Nationwide Equities Corporation (NWEC), a reverse mortgage broker and lender, finding that its direct mail and other marketing communications to older borrowers misrepresented reverse mortgage products and violated the MAP Rule, Regulation Z/TILA, and the CFPA. The order prohibits such misrepresentations, requires NWEC to pre-review all mortgage advertisement templates for compliance with consumer financial protection laws, and imposes a $140,000 civil money penalty.
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Nationwide Equities Corporation
On April 27, 2021, the Bureau issued a consent order against Nationwide Equities Corporation (NWEC), a reverse mortgage broker and lender. The Bureau found that NWEC sent direct mail solicitations and other marketing communications to hundreds of thousands of older borrowers that violated the Mortgage Acts and Practices Advertising Rule (MAP Rule) and Regulation Z, which implement the Truth in Lending Act. These violations also constituted violations of the Consumer Financial Protection Act of 2010. The Bureau’s consent order prohibits such misrepresentations and requires NWEC to affirmatively review each of its mortgage advertisement templates for compliance with consumer financial protection laws before disseminating ads to consumers. The Bureau’s consent order also requires NWEC to pay a $140,000 civil money penalty.
Related documents
Press release
CFPB Takes Action Against Reverse Mortgage Lender for Deceptive Advertising
Case docket
Page last modified May 29, 2026 @ 01:53 PM EDT
Action Details
Forum
- Administrative Proceeding
Docket number
2021-CFPB-0002
Initial filing date
APR 27, 2021
Products
- • Mortgage Origination
Source: https://www.consumerfinance.gov/enforcement/actions/nationwide-equities-corporation/
Common questions
- What does "Nationwide Equities Corporation" cover?
- The CFPB issued a consent order against Nationwide Equities Corporation (NWEC), a reverse mortgage broker and lender, finding that its direct mail and…
- Which agency issued this update?
- This update was issued by CFPB.
- When was it published?
- It was published on April 27, 2021.