By: Daniel A. Cozzi On June 12, 2014, the Consumer Financial Protection Bureau ("CFPB") entered a Consent Order with New Jersey company, Stonebridge Title Services Inc. ("Stonebridge"), whereby Stonebridge agreed to pay $30,000 for illegal referrals in violation of Section 8 of the Real Estate Settlement Procedures Act ("RESPA").
June 2014 – The CFPB ordered a New Jersey company, Stonebridge Title. scheme violated Section 8 of RESPA, which prohibits giving a “fee, kickback,
So, the resuscitation of enforcement actions under Section 8 of the Real Estate Settlement Procedures Act (RESPA) for unearned kickbacks and fees should not be of any surprise. MCM Weekly NewsLINEs last visited RESPA Section 8 violations in our March 9, 2015, issue.
New Jersey-based Stonebridge Title Services has been ordered to pay $30,000 for allegedly offering kickbacks for business referrals, the Consumer Financial Protection Bureau (CFPB) announced.
CFPB charges stonebridge title services for RESPA violation.. The Consumer Financial Protection Bureau ordered New Jersey-based Stonebridge Title Services to pay $30,000 for paying illegal.
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The Consumer Financial Protection Bureau’s final rule to formalize guidance on a number of TILA-RESPA Integrated. an issue the title industry said was misleading to consumers. "As the only.
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WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau ordered a New Jersey company, Stonebridge Title Services Inc., to pay $30,000 for paying illegal kickbacks for referrals. "Kickbacks drive up the costs of getting a mortgage and put law-abiding companies at a disadvantage," said CFPB Director Richard Cordray.
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The Bureau ordered a New Jersey company, Stonebridge Title Services Inc., to pay $30,000 for paying illegal kickbacks for referrals. Related documents. consent order. stipulation. press release. cfpb Takes Action Against Illegal Mortgage Referrals
Most folks I have conversed with in recent weeks say that the title companies and real estate agents are coming to grips with the changes. Want a great TRID chart based on fees. services to aid.
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The CFPB reviewed the business practices of Stonebridge Title Services, Inc. of Parsippany, New Jersey and its two owners Bruce Dostal and Cesare Stefanelli operated the title agency to determine if Stonebridge Title was violating RESPA Section 8(a) "illegal kickbacks" and 8(b) "unearned fees".