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CFPB’s Very First Loan Officer Compensation Enforcement Action

Tuesday, May 12th, 2020

CFPB’s Very First Loan Officer Compensation Enforcement Action

In July of 2013, the CFPB took its very first enforcement action for so-called violations of payment limitations. In cases like this, the CFPB filed a grievance in Utah federal region court against Castle & Cooke Mortgage LLC and two of its senior officers within their specific ability. This situation ended up being initially called towards the CFPB by the Utah home loan banking regulator.

The CFPB alleged that the business, acting through the 2 officers independently known as within the suit, applied an additional benefit system that paid loan officers quarterly bonuses that varied in line with the rate of interest regarding the loans the mortgage officers agreed to borrowers. The grievance also alleged that the organization failed to make reference to the bonus system in its written settlement agreements featuring its loan officers, failed to keep a written policy describing the techniques utilized to calculate the total amount of the quarterly bonuses, and neglected to record just exactly just what percentage of each loan officer’s quarterly bonus had been owing to a specific loan. (more…)