West Capital Lending, Inc. is a mortgage lender headquartered in Irvine, California. The company has been in business since 2019 and offers a variety of mortgage products, including conventional, FHA, and VA loans.
In 2023, West Capital Lending was sued by the Oregon Division of Financial Regulation (ODFR) for alleged violations of state lending laws. The ODFR alleged that West Capital Lending had engaged in unfair and deceptive practices, including:
- Charging borrowers excessive fees
- Failing to provide borrowers with accurate information about their loans
- Coercing borrowers into signing loan documents that they did not understand
West Capital Lending denied the allegations in the lawsuit. However, in June 2023, the company reached a settlement agreement with the ODFR. Under the terms of the settlement, West Capital Lending agreed to pay $464,417.50 in administrative penalties and to implement a number of reforms to its lending practices.
The West Capital Lending lawsuit is a reminder that borrowers should carefully review their loan documents before signing them and should be aware of the potential risks associated with borrowing money from private lenders.
FAQs:
Q: What is West Capital Lending?
A: West Capital Lending is a mortgage lender headquartered in Irvine, California. The company offers a variety of mortgage products, including conventional, FHA, and VA loans.
Q: What was West Capital Lending sued for?
A: West Capital Lending was sued by the Oregon Division of Financial Regulation for alleged violations of state lending laws. The ODFR alleged that West Capital Lending had engaged in unfair and deceptive practices, including charging borrowers excessive fees, failing to provide borrowers with accurate information about their loans, and coercing borrowers into signing loan documents that they did not understand.
Q: Did West Capital Lending admit to any wrongdoing?
A: No. West Capital Lending denied the allegations in the lawsuit. However, the company did reach a settlement agreement with the ODFR in June 2023. Under the terms of the settlement, West Capital Lending agreed to pay $464,417.50 in administrative penalties and to implement a number of reforms to its lending practices.
Q: What should borrowers do to protect themselves from unfair and deceptive lending practices?
A: Borrowers should carefully review their loan documents before signing them and should be aware of the potential risks associated with borrowing money from private lenders. Borrowers should also ask questions about the loan terms and make sure that they understand all of the costs associated with the loan.
Q: Where can I get more information about West Capital Lending?
A: You can get more information about West Capital Lending on the company’s website or on the Better Business Bureau website.
Q: What should I do if I think I have been a victim of unfair or deceptive lending practices?
A: If you think you have been a victim of unfair or deceptive lending practices, you should contact your state’s attorney general’s office or the Consumer Financial Protection Bureau.
Conclusion
The West Capital Lending lawsuit is a reminder that borrowers should be cautious when borrowing money from private lenders. Borrowers should carefully review their loan documents before signing them and should be aware of the potential risks associated with borrowing money from private lenders. Borrowers should also ask questions about the loan terms and make sure that they understand all of the costs associated with the loan.
References:
- Oregon Division of Financial Regulation – Settlement Agreement and Consent Order with West Capital Lending, Inc.: https://dfr.oregon.gov/AdminOrders/WCL_SettlementAgreement_SIGG.pdf
- Better Business Bureau – West Capital Lending Profile: https://www.bbb.org/us/ca/irvine/profile/mortgage-lenders/west-capital-lending-1126-1000082968
