The Consumer Financial Protection Bureau (CFPB) is taking action against alleged violations of the Real Estate Settlement Procedures Act (RESPA), creating further confusion on the boundaries of RESPA. This could mean greater scrutiny for many firms who have yet to prepare for the new regulations.
This recent enforcement action stems from an investigation into the exchange of “kickbacks or referral fees” between the two organizations. The alleged violations are concerning practices which were prohibited by RESPA. This means that companies may face increased pressure to ensure that their processes and procedures are in compliance, in order to avoid such scrutiny from the federal government.
Key Points:
• CFPB is taking action against alleged RESPA violations
• Investigation into exchange of “kickbacks or referral fees”
• Companies may face increased pressure to ensure compliance
• Possible risks from federal government scrutiny
You can read this full article at: https://www.housingwire.com/articles/respa-enforcement-is-back-are-you-ready/(subscription required)
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