The CFPB fined former Wells Fargo mortgage banker David Eghbali $85,000, alleging that he had “orchestrated a scheme that resulted in some customers paying inflated fees.” Specifically, the lawsuit alleged that Eghbali “had an arrangement” an escrow firm that manipulated rates so Eghbali could “close more loans, thus increasing his commission income.” “Eghbali report[ed] on his LinkedIn profile that he was one of Wells Fargo’s top producing mortgage bankers in 2013 and 2014, closing about $200 million in loans each year.” Eghbali did not admit wrongdoing in the settlement.

• In May 2016, the CFPB fined David Eghbali “$85,000_to settle allegations that he orchestrated a scheme that resulted in some customers paying inflated fees.” [James Rufus Koren, “Ex-Wells Fargo mortgage banker is banned and fined for an alleged escrow fee scheme”, Los Angeles Times, 05/26/16]

• David Eghbali did not admit wrongdoing in the settlement. [James Rufus Koren, “Ex-Wells Fargo mortgage banker is banned and fined for an alleged escrow fee scheme”, Los Angeles Times, 05/26/16]

• The CFPB alleged that Eghbali had an arrangement with an escrow firm that “undercharged some mortgage borrowers — ones who might not have done a deal with Eghbali if they’d had to pay full price — then made up the difference by overcharging others. The arrangement allowed Eghbali to close more loans, thus increasing his commission income. Eghbali report[ed] on his LinkedIn profile that he was one of Wells Fargo’s top producing mortgage bankers in 2013 and 2014, closing about $200 million in loans each year.” [James Rufus Koren, “Ex-Wells Fargo mortgage banker is banned and fined for an alleged escrow fee scheme”, Los Angeles Times, 05/26/16]