The CFPB continues to crack down on basic RESPA violations. On August 12, 2014, the CFPB announced yet another Consent Order with alleged violations of RESPA. In this case, an on-line retail mortgage company, the company's CEO, and an affiliated management corporation agreed to pay $14.8 million in restitution to consumers. The CFPB also demanded $6 million in civil money penalties, $1.5 million of which is the personal responsibility of the company's CEO. As forecasted in our earlier client alert, this Consent Order reaffirms the CFPB's intent to enforce "common" RESPA violations, with an emphasis on basic compliance.
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Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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