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Volume 29 - Number 12

June 11, 2018

CFPB Officially Drops RESPA Kickback Case Against PHH

The CFPB last week dismissed its precedent-setting case against PHH Corp., officially overturning the bureau’s controversial interpretation of the Real Estate Settlement Procedures Act under former Director Richard Cordray. In the end, the four-year legal battle over alleged RESPA violations regarding captive reinsurance arrangements ended up with no fine or penalty being assessed on the mortgage lender. The final court ruling that upheld the constitutionality ...

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Poll

Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.

35%

The wholesale/table funder. They’re taking the financial risk.

30%

The broker, but only for the first year. After that, the borrower is fair game.

13%

Hard to answer. It’s a complicated issue.

22%