State
Texas
Texas
Paul Taylor, Paul Taylor Homes Limited, Paul Taylor Corp
Enforcement, Mortgages
In May 2013, the CFPB issued a consent order to Paul Taylor Homes Limited, a homebuilding company, for receiving money from lenders in exchange for “referrals of home purchasers needing mortgages.” The lenders would “funnel kickbacks to Taylor” in exchange for these referrals; however, the lenders allegedly had “no separate employees, office space or real substance” and serviced “only Taylor purchasers.” The “under-the-table payments” allegedly increased the “‘financial burden of homeownership for consumers’ by raising their mortgage premium charges.” Paul Taylor settled and ordered to pay a $118,194 fine for “the amount of money the builder received from the alleged kickback scheme starting in 2010.”
The CFPB alleged that the “under-the-table payments” increased the “‘financial burden of homeownership for consumers’ by raising their mortgage premium charges.”
Paul Taylor Homes agreed to settle and pay a $118,194 fine, “the amount of money the builder received from the alleged kickback scheme starting in 2010.” [Kenneth R. Harney, “Alleged kickbacks paid by home buyers get attention from federal agency,” The Washington Post, 05/31/13]
Inactive or Resolved