The Consumer Financial Protection Bureau issued an advisory opinion to prevent digital mortgage comparison-shopping platforms from illegally referring borrowers to only lenders paying referral fees.
February 08, 2023 / By ICBA
The Consumer Financial Protection Bureau issued an advisory opinion to prevent digital mortgage comparison-shopping platforms from illegally referring borrowers to only lenders paying referral fees.
Details: The advisory opinion outlines how companies violate the Real Estate Settlement Procedures Act when they steer shoppers to lenders by using pay-to-play tactics rather than providing shoppers with comprehensive and objective information.
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
