Posts Tagged ‘RESPA’

CFPB fines Prospect Mortgage $3.5 million for illegal kickbacks scheme

CFPB fines Prospect MortgageOn January 31, the CFPB fined Prospect Mortgage $3.5 million for allegedly paying illegal kickbacks for mortgage business referrals. The CFPB also took action against Keller Williams Realty Mid-Willamette, ReMax Gold Coast, and Planet Home Lending for accepting illegal kickbacks from Prospect Mortgage.

The CFPB alleged that the entities engaged in various practices involving illegal kickbacks for referrals of mortgage business in violation of the Real Estate Settlement Procedures Act (RESPA). RESPA prohibits kickbacks and referral fees in connection with a real estate settlement such as title insurance, inspections, appraisals, and loan origination.

CFPB enters consent order with CitiFinancial for $8.8 million

On January 23, the CFPB issued a press release announcing that it entered into a consent order with CitiFinancial Servicing for alleged violations of the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA), and the Consumer Financial Protection Act (CFPA).

CitiFinancial Servicing (CitiFinancial) is comprised of four entities incorporated in Delaware,