The Consumer Financial Protection Bureau’s decision to ignore more than 40 years of established interpretation of the Real Estate Settlement Procedures Act’s anti-kickback provision would deprive consumers of the benefits of risk retention and do them further harm, warned an industry trade group in an amicus brief. The brief in support of the petitioner in PHH Corporation, et al., v. Consumer Financial Protection Bureau said allowing CFPB Director Richard Cordray’s decision to stand would increase closing costs, make an already lengthy closing period longer, and make the mortgage origination process more confusing for borrowers and lenders. Currently on appeal in federal appeals court in the District of Columbia, the decision issued by Cordray on June 4, 2015, relates...