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  • CFPB fines Experian $3 million for lying about consumers' credit scores

    Experian, one of the nation’s three major credit reporting bureaus, misled consumers by telling them that the credit scores they purchased from the company were the same ones that lenders used to make credit decisions, the Consumer Financial Protection Bureau said Thursday. And for that deception, the CFPB is fining Experian $3 million. Click the headline for the full story.

BB&T ditches FHA and VA adjustable-rate mortgages

The financial services giant BB&T (BBT) announced that it no longer provides adjustable-rate mortgages backed by the Federal Housing Administration or the department of Veteran Affairs. A spokesperson from the firm told HousingWire it's a strategic business move. "At BB&T we consistently evaluate our product line and make adjustments based on clients' needs," the spokesperson said in an official statement. "In this evaluation process we found the FHA and VA adjustable-rate mortgage product to be a very low volume product and have taken it off our list of offerings." Recently, BB&T reported a 74% increase in quarterly earnings for Q210. The gain was attributed to the acquisition of a warehouse lending division in August from failed back Colonial Bank, which grew BB&T's total loans and leases 4.4% from the year prior. The financial firm was also ranked the No. 1 bank for customer satisfaction with regard to servicing. In 2009, BB&T placed second on the same survey. The news of BB&T suspending its FHA and VA ARMs was first announced in an email blast by Mortgage News Clips. Write to Christine Ricciardi. The author held no relevant investments.

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