CFPB’s Very First Loan Officer Compensation Enforcement Action

CFPB’s Very First Loan Officer Compensation Enforcement Action

In July of 2013, the CFPB took its enforcement that is first action so-called violations of settlement limitations. The CFPB filed a complaint in Utah federal district court against Castle & Cooke Mortgage LLC and two of its senior officers in their individual capacity in this case. This situation had been initially referred to your CFPB by the Utah home loan banking regulator.

The CFPB alleged that the organization, acting through the 2 officers separately called within the suit, applied a plus system that paid loan officers bonuses that are quarterly varied in line with the rate of interest of the loans the mortgage officers provided to borrowers. Read more