Planet Home Lending, LLC
The Consumer Financial Protection Bureau (CFPB) took action against Planet Home Lending, LLC, a mortgage servicer, for accepting payments for mortgage business referrals and improper use of credit reports for marketing purposes. The CFPB also took action against Prospect Mortgage, LLC, a major mortgage lender, and two real estate brokers that took illegal kickbacks from Prospect. Under the terms of the action, Prospect will pay a $3.5 million civil penalty for its illegal conduct, and the mortgage brokers and servicer will pay a combined $495,000 in consumer relief, repayment of ill-gotten gains, and penalties.
CFPB Orders Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme