From the Thordsen Law Offices
THIS IS WHAT HAPPENS WHEN ANYONE VIOLATES RESPA.
ESPECIALLY SO BLATANTLY!
If there are any questions then call.
CONSUMER FINANCIAL PROTECTION BUREAU AND STATE OF MARYLAND FILE LAWSUIT AGAINST LOAN OFFICERS AND FORMER TITLE COMPANY EXECUTIVES WHO TRADED CASH AND MARKETING SERVICES FOR ILLEGAL REFERRALS AND WILL BE BANNED FROM THE INDUSTRY AS WELL AS PAY REDRESS AND PENALTIES
THIS IS A CONSENT JUDGMENT AS TO ALL BUT ONE
On April 29, 2015 the Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General filed a lawsuit against the participants in a mortgage-kickback scheme. In the complaint filed in federal court, the CFPB and Maryland allege that the Maryland-based title company’s executives and the named loan officers traded cash and marketing services in exchange for mortgage referrals. Under proposed consent orders filed April 29, 2015, if entered by the court, FIVE OF THE SIX INDIVIDUAL DEFENDANTS WOULD BE BANNED FROM THE MORTGAGE INDUSTRY AND REQUIRED TO PAY A TOTAL OF $662,500 IN REDRESS AND PENALTIES. The action will proceed against the remaining defendant. [Read more…]