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Thursday, July 25, 2013

CFPB Sues Mortgage Company Due to Unlawful Practices

The CFPB filed a complaint in federal district court against a Utah-based mortgage company for illegal loan officer compensation practices.

The CFPB alleged the mortgage company violated the Federal Reserve Board’s Loan Originator Compensation Rule that had a mandatory compliance date of April 6, 2011. That rule banned compensation based on loan terms such as the interest rate of the loan. The CFPB alleged that the mortgage company was giving bonuses to loan officers who steered consumers into mortgages with higher interest rates.

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