CFPB ordered real estate brokers and lenders to pay $4M in fines

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The Consumer Financial Protection Bureau ordered two brokerages and two lenders to pay nearly $4 million total for alleged violations of the Real Estate Settlement Procedures Act (RESPA).

Re/Max Gold Coast allegedly required buyers to prequalify with Prospect in order for their offers to be considered by homesellers — even if they had already prequalified with another lender.

KW Mid-Willamette allegedly gave its agents bonuses for referring consumers to Prospect.

The CFPB indicated that more than 100 real estate brokers had agreements with Prospect to obtain illegal payments for referrals.