Olympia – The Consumer Services Division of the Washington State Department of Financial Institutions (DFI) has settled its charges that Quicken Loans, Inc. targeted Washington service members and veterans with false, deceptive, and misleading mortgage offers. In resolving the charges, DFI has received assurance that Quicken Loans will comply with state and federal advertising law going forward.
“Quicken Loans cooperated with our investigation, responded promptly to the agency’s charges, and made significant changes to their advertising compliance systems,” DFI Consumer Services Director Charles Clark said. “Their payment will go toward DFI’s financial education efforts and will benefit Washington consumers - including our substantial veteran and service member community.”
The Consent Order provides that Quicken Loans is subject to a compliance examination to ensure its new advertising policies, procedures, and testing systems are working to prevent future advertising violations.
“Our laws impose strict standards when it comes to advertising financial services, and enforcement actions like this one should serve as an important reminder to financial service providers to ensure all of their ads are compliant with such laws,” DFI Director Scott Jarvis noted. “We have no tolerance for deceptive marketing and will continue to take action when we see it.”