Bureau Slaps Consent Order on Homebuilder Over Kickbacks
May 20, 2013
Based on a referral from the Federal Deposit Insurance Corp., the CFPB has compelled a Texas homebuilder to surrender more than $100,000 he received in alleged kickbacks for referring mortgage origination business to entities the bureau asserts are sham mortgage companies. According to the CFPB, the homebuilder, Paul Taylor, received illegal referral fees through partnerships with Benchmark Bank and Willow Bend Mortgage Company. Taylor and Benchmark created and jointly owned Stratford Mortgage Services LC, which claimed to...