The Consumer Financial Protection Bureau (CFPB) fined Stonebridge Title Services Inc., a New Jersey title company, $30,000 for allegedly paying illegal kickbacks for referrals in violation of RESPA.
“Kickbacks drive up the costs of getting a mortgage and put law-abiding companies at a disadvantage,” said CFPB Director Richard Cordray. “The bureau will continue to take action against companies that seek to attract consumers through illegal schemes.”
According to the consent order, Stonebridge received premiums from consumers for placing title insurance coverage with title underwriters and remitted a percentage of the premiums back to the underwriters.
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