Prospect Mortgage LLC

The Consumer Financial Protection Bureau (CFPB) took action against Prospect Mortgage, LLC, a major mortgage lender, for paying illegal kickbacks for mortgage business referrals. The CFPB also took action against two real estate brokers and a mortgage servicer that took illegal kickbacks from Prospect. Under the terms of the action announced today, 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.

Related documents

Consent order

Stipulation

Press release

CFPB Orders Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme