The Consumer Financial Protection Bureau (CFPB) ordered RealtySouth, the largest real estate firm in Alabama, to pay $500,000 for failing to provide adequate affiliated business arrangement (AfBA) disclosures as required under RESPA.
According to the bureau, the practices identified by the agency’s investigation illegally benefited TitleSouth LLC, an affiliated company owned by the same holding company that owns RealtySouth.
“Disclosures give consumers the power to make informed financial decisions, and buying a house is among the biggest financial decisions most people ever make,” said CFPB Director Richard Cordray. “The consumer bureau will continue to take action against companies that attempt to modify disclosures and keep consumers in the dark.”
TO READ THE FULL STORY
Cover Story: