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Tuesday, February 25, 2014

CFPB Fines Mortgage Lender for Illegal Payments

A mortgage lender reported to the CFPB that it believed it had violated the Real Estate Settlement Procedures Act (RESPA) by paying unearned fees to a hedge fund that no longer financed the lender’s mortgages. The CFPB concluded that the mortgage lender’s payments to a hedge fund and its affiliates violated RESPA and ordered the mortgage lender to pay a civil money penalty of $83,000.

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