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 PHH’s subsidiaries.” The bureau continued, “PHH took the reinsurance fees as kickbacks, in violation...