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Thursday, November 21, 2013

The CFPB Does It Again: Mortgage Insurer Fined for Illegal RESPA Kickbacks

By: ABIA Outside Counsel Chrys Lemon and Chris Datskos, McIntyre & Lemon, PLLC

Last week, the Consumer Financial Protection Bureau (CFPB) filed an enforcement action against a private mortgage insurer for allegedly paying illegal kickbacks to mortgage lenders in exchange for referrals, in violation of Section 8 of the Real Estate Settlement Procedures Act (RESPA).

Click here for a members-only review of the enforcement action, what the CFPB looks for when identifying illegal compensation arrangements, and what this means for the CFPB’s jurisdiction over insurers. If you are having trouble logging on or you are with a member that in not a bank, please contact us and we will email you a copy.

If you would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.