Tag Archives: fines

CFPB Orders Meridian Title to Pay up to Pay up to $1.25 million & Disclose its Interests in Future Transactions

CFPB Takes Action Against Settlement Services Provider for Steering Consumers to Affiliated Business By Jeff Sorg, OnlineEd Blog (October 2, 2017) The Consumer Financial Protection Bureau (CFPB) took action against real estate settlement services provider Meridian Title Corporation for steering consumers to a title insurer owned in part by several of its executives without making disclosures […]

California Dept. of Business Oversight Announces $1.4 Million Settlement with Michigan Mortgage Firm

United Shore Financial Services to Pay Restitution, Penalties (April 14, 2017) – SACRAMENTO – The Department of Business Oversight (DBO) has announced Michigan-based United Shore Financial Services, LLC will pay more than $1.4 million in refunds and penalties to resolve allegations the mortgage lender and servicer overcharged thousands of California borrowers for interest. “I’m pleased we have […]

Categories: Mortgage, Real Estate Tags: ,

Nationstar Mortgage to Pay $1.75 for Home Mortgage Disclosure Act (HMDA) Violations

$1.75 Million Civil Penalty is the CFPB’s Largest  for HMDA Violations By Jeff Sorg, OnlineEd Blog (March 16, 2017) – WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about […]

FinCEN Penalizes California Bank for Egregious Violations of Anti-Money Laundering Laws

Merchants failed to establish and implement an adequate anti-money laundering (AML) program OnlineEd Blog (February 28, 2017) – WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a $7 million civil money penalty (CMP) against Merchants Bank of California of Carson, CA for willful violations of several provisions of the Bank Secrecy Act (BSA). The Office […]

Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme

The CFPB’s investigation found that ReMax Gold Coast and Keller Williams Mid-Willamette accepted illegal payment for referrals By Jeff Sorg, OnlineEd Blog (February 1, 2017) –  The Consumer Financial Protection Bureau (CFPB) on Tuesday took action against Prospect Mortgage, LLC, a major mortgage lender, for paying illegal kickbacks for mortgage business referrals. The CFPB also took […]

CITI Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes

Mortgage Servicers Kept Borrowers in the Dark About Options, Demanded Excessive Paperwork By Jeff Sorg, OnlineEd Blog (January 23, 2017) – The Consumer Financial Protection Bureau (CFPB) today took separate actions against CitiFinancial Servicing and CitiMortgage, Inc. for giving the runaround to struggling homeowners seeking options to save their homes. The mortgage servicers kept borrowers in the […]

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Deutsche Bank Agrees to Pay $7.2 Billion for RMBS and Related Activities

Deutsche Bank to pay $7.4 billion for residential mortgage-backed securities and related activities. By Jeff Sorg, OnlineEd Blog (December 27, 2016) – Deutsche Bank announced December 23rd that it had reached a settlement in principle with the Department of Justice in the United States regarding civil claims that the DoJ considered in connection with the bank’s issuance […]

CFPB Takes Action Against Reverse Mortgage Lenders

The CFPB has long warned against deceptive reverse mortgage advertising By Jeff Sorg, OnlineEd Blog (December 7, 2016) –  Today the Consumer Financial Protection Bureau (CFPB) took action against three reverse mortgage companies for deceptive advertisements, including claiming that consumers could not lose their homes. The CFPB is ordering American Advisors Group, Reverse Mortgage Solutions, and […]

CFPB Fines Wells Fargo $100 Million for Opening Covert Credit Card Accounts

Spurred by sales targets and compensation incentives, employees boosted sales figures by covertly opening accounts and funding them by transferring funds without consumer consent By Jeff Sorg, OnlineEd Blog (September 8, 2016) – In a press release today, the Consumer Financial Protection Bureau (CFPB) announced that is has fined Wells Fargo Bank, N.A. $100 million for the […]

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The Consumer Financial Protection Bureau by the Numbers

CFPB Actions Result in $11.7 Billion in Relief to 27 Million Consumers By Jeff Sorg, OnlineEd Blog (July 15, 2016) – July 21, 2016, will mark five years since the CFPB opened its doors. After the 2008 financial crisis, Congress created the CFPB as the only federal agency with the sole mission of protecting consumers in […]