The Federal Trade Commission celebrated the 10-year anniversary of the Do Not Call registry with a $7.5 million civil penalty against Mortgage Investors Corporation, the largest fine the FTC has ever collected for a Do Not Call violation.
The case is also the first action the FTC has brought under the Mortgage Acts and Practices advertising rule, which allows the FTC to collect civil penalties for deceptive mortgage ads.
According to the FTC's complaint, Mortgage Investors Corp., one of the nation's leading refinancers of veterans' home loans, called consumers that were on the Do Not Call registry. The company also failed to honor consumer requests to remove them from the company call list. To top it off, Mortgage Investors Corp. misstated the terms of its loan products during the telemarketing calls.
"Today's settlements leave no doubt that DNC enforcement remains a top priority," said FTC chairwoman Edith Ramirez.
About 221 million Americans have registered with the Do Not Call Registry at DoNotCall.gov.