Realty Connect USA Long Island, Inc.
On August 17, 2023, the Bureau issued an order against Realty Connect USA Long Island, Inc. (Realty Connect), a real estate brokerage firm based in Suffolk County, New York, for accepting things of value—including valuable subscription services, events, and monthly marketing services agreement payments—in exchange for referral of mortgage loans to Freedom Mortgage Corporation in violation of the Real Estate Settlement Procedures Act and its implementing Regulation X. The order requires Realty Connect to stop its unlawful activities and pay a $200,000 civil money penalty.
The CFPB separately took action against Freedom, a residential mortgage loan originator and servicer headquartered in Florida, for providing things of value in exchange for mortgage referrals. The order against Freedom also requires it to stop its unlawful activities and pay a civil money penalty of $1.75 million.
Related documents
Press release
CFPB Penalizes Freedom Mortgage and Realty Connect for Illegal Kickbacks