Franklin Loan Corporation
In November 2014, CFPB ordered Franklin Loan Corporation reimburse its customers the $730,000 it had given to 32 loan officers, “incentivizing” them to “guide customers into mortgages with higher interest rates.” The CFPB alleged Franklin Loan had violated “the Federal Reserve Board’s Loan Originator Compensation rule which prohibits tying a mortgage broker’s compensation to the terms of a loan.”
Inactive or Resolved
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