Tag Archives: kickbacks

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 […]

CFPB Guidance About RESPA, MSAs, Kickbacks, and Referral Fees

Violations of the Real Estate Settlement Procedures Act have resulted in more than $75 million in fines By Jeff Sorg, OnlineEd Blog (October 22, 2015) – The Consumer Financial Protection Bureau (CFPB) recently issued a bulletin providing guidance to the mortgage industry regarding marketing services agreements. The bulletin offers an overview of the federal prohibition on mortgage […]

CFPB Action Against JPMorgan Chase & Wells Fargo for Kickback Scheme With Title Company

 (Washington D.C.) – The Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General announced they took action against Wells Fargo and JPMorgan Chase for an illegal marketing-services-kickback scheme they participated in with Genuine Title, a now-defunct title company. The Bureau and Maryland also took action against former Wells Fargo employee Todd Cohen and his wife, […]

Title Insurance Agency to Pay $200,000 for RESPA Vioaltion

 (Jeff Sorg, OnlineEd) – “Today’s action sends a clear and simple message, that quid pro quo agreements for real estate referrals are illegal,” said CFPB Director Richard Cordray. The Consumer Financial Protection Bureau (CFPB) has ordered Lighthouse Title, a Michigan title insurance agency, to pay $200,000 for illegal quid pro quo referral agreements. According to the order, Lighthouse Title […]