The CFPB recently issued much-sought but quite limited guidance to the mortgage industry on marketing services agreements, emphasizing the legal and regulatory risks for lenders. “We are deeply concerned about how marketing services agreements are undermining important consumer protections against kickbacks,” said CFPB Director Richard Cordray. “Companies do not seem to be recognizing the extent of the risks posed by implementing and monitoring these agreements within the bounds of the law.” The guidance, in the form of a five-page bulletin, explains that, while marketing services agreements are usually framed as payments for advertising or promotional services, “in some cases the payments are actually disguised compensation for referrals. Any agreement that entails exchanging a thing of value for referrals of settlement ...