State
Maryland, Virginia
Maryland, Virginia
Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A., Elaine Oliphant Cohen, Todd Cohen
Enforcement, Mortgages, Servicemembers, Auto Loans
The CFPB, along with the Maryland Attorney General, ordered JPMorgan Chase and Wells Fargo “to pay more than $35 million to resolve claims that loan officers at the two banks received kickbacks in exchange for steering mortgage borrowers to a Maryland title company.” The CFPB ordered Wells Fargo to pay $24 million in civil penalties and refund $10.8 million to consumers affected. The CFPB ordered JPMorgan to pay $600,000 in civil penalties and refund $300,000 to consumers affected.
“According to the CFPB, loan officers at Wells Fargo and JPMorgan sent homebuyers financing a mortgage through the banks to Genuine Title, which provided real estate closing services. In return, the title company, which went out of business last April, provided the loan officers with cash, as well as consumer information and marketing services aimed at helping them drum up more loan business, the_CFPB_said.”
The CFPB ordered Wells Fargo to pay $24 million in civil penalties and refund $10.8 million to consumers affected. The CFPB ordered JPMorgan to pay $600,000 in civil penalties and refund $300,000 to consumers affected. [“Wells Fargo, JPMorgan settle mortgage kickbacks probe,” Associated Press, 01/22/15]
Inactive or Resolved