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CFPB issues consent order over loan officer escrow referrals
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Regulatory Updates
Wednesday, June 1, 2016
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The Consumer Financial Protection Bureau has taken action against a former Wells Fargo employee for an illegal mortgage fee-shifting scheme. The CFPB found that the loan officer referred a substantial number of loan closings to a single escrow company, which shifted its fees from some customers to others at the loan officer’s request.
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