An earlier version of the bill that Corker tried to fast-track through the Senate did not include the prohibition on using g-fees to pay for unrelated government spending.
The IG was actually looking into possible down payment assistance violations at another lender and decided to audit loanDepot because of its high volume of loans with those features.
David Lykken, managing partner of Transformational Mortgage Solutions, said he welcomes PIMCO’s investment, believing that it’s a huge positive for the industry.
The CFPB alleged that expense accounts were really “point banks” and that payments in the form of bonuses and commissions were based on mortgage profitability...