CFPB Cracks Down on Real Estate Kickbacks
The Consumer Financial Protection Bureau is cracking down on real estate kickbacks, ordering Texas homebuilder Paul Taylor to surrender $118,194.20 in funds earned through unlawful referral fees. Through alliances with Benchmark Bank and Willow Bend Mortgage, Taylor founded and jointly owned Stratford Mortgage Service, which advertised itself as a mortgage originator. The CFPB says these entities were in fact "shams designed to allow Taylor to receive the kickbacks." CFPB Director Richard Cordray promises that the bureau "will continue to take action against schemes designed to let service providers profit through unscrupulous and illegal business practices."
From "CFPB Cracks Down on Real Estate Kickbacks"
Reverse Mortgage Daily (05/19/13) Oliva, Jason
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