Home builder Pulte pushed loans, misled in marketing, says Arizona AG

Pulte Home Corporation and Pulte Mortgage, LLC signed a $1.18 million agreement with the Arizona Attorney General following allegations that it violated the state's consumer protection law.

The state found problems with the company's pre-qualification practices, earnest money deposit policies and Spanish-marketing efforts.

According to court documents, some consumers believed they qualified for financing at a certain rate or monthly payment only to learn later that they didn't qualify for the amount discussed during a "pre-qualification" presentation with a Pulte Home sales representative.

In other cases, Pulte Home sales staff told consumers that Pulte Mortgage could offer the same loan terms or loan products consumers had pre-qualified for with an outside lender. As a result, consumers were led to believe that they would be able to obtain loans from Pulte Mortgage or a Pulte preferred lender, according to the state.