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.

• The CFPB with the Attorney General of Maryland issued a consent order to JPMorgan Chase Bank, N.A.. [CFPB file no. 2015-CFPB-0001 (JPMorgan Chase Bank, N.A.), filed 01/22/15]

• The CFPB with the Attorney General of Maryland issued a consent order to Wells Fargo Bank, N.A.. [CFPB file no. 2015-CFPB-0002 (Wells Fargo Bank, N.A.), filed 01/22/15]

• The CFPB with the Attorney General of Maryland filed a lawsuit against Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A., Elaine Oliphant Cohen, Todd Cohen in US District Court for the District of Maryland Baltimore Division. [CFPB v. Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A., Elaine Oliphant Cohen, Todd Cohen, case no. 1:15-cv-00179-RDB, filed 01/22/15]

• The CFPB and the Maryland attorney general ordered Wells Fargo and JPMorgan Chase “to pay more than $35 million combined 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 claimed they violated federal law by allegedly having “loan officers at the banks” referring “borrowers to a now-defunct title company, Genuine Title, in exchange for cash and marketing services.”

“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]