Volume 25 - Number 3
February 3, 2014
CFPB Accuses PHH of Receiving Mortgage Insurance Kickbacks
The CFPB last week initiated an administrative action against PHH Mortgage, accusing the firm of participating in a multi-million-dollar kickback scheme involving captive mortgage insurance reinsurance. The regulator said an investigation it conducted showed that when PHH originated mortgages, it referred consumers to mortgage insurers with which it partnered. In exchange for this referral, these insurers purchased reinsurance from PHHs subsidiaries. The bureau continued, PHH took the reinsurance fees as kickbacks, in violation...
Subscribers to Inside the CFPB have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.
Subscriber Log In
If you are a current subscriber or already purchased this article, please login below.
This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.
You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.
Please contact Customer Service if you need assistance: 1-800-570-5744