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