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The Consumer Financial Protection Bureau announced enforcement orders against four mortgage insurance firms that allegedly provided kickbacks to lenders, but the agency signaled additional actions are in the offing.
April 4 -
The Consumer Financial Protection Bureau said Thursday it was charging Castle & Cooke Mortgage $13 million in penalties for allegedly pushing consumers into costlier mortgages in order to give kickbacks to loan officers.
November 7 -
To avoid unwanted scrutiny from the Consumer Financial Protection Bureau and other regulators, banks need to start thinking about "what is fair, not just what is legal," banking attorneys say.
April 26
Republic Mortgage Insurance Corp. has agreed to pay a $100,000 penalty and stop providing allegedly illegal kickbacks to mortgage lenders as part of a proposed settlement with the Consumer Financial Protection Bureau.
The CFPB alleges that Republic Mortgage purchased unnecessary reinsurance to earn a profit for mortgage lenders in exchange for referrals, according to a
"Kickbacks for mortgage insurance referrals are illegal, and can drive up costs for consumers seeking to buy a home," CFPB Director Richard Cordray said in a Friday press release. "The order announced today will put an end to this practice and require RMIC to pay a $100,000 penalty for violating the law."
A Republic Mortgage representative did not immediately respond to a call seeking comment.
The CFPB took
