Big Banks to Pay Huge Fines for Kickback Schemes
There is nothing new about the RESPA Section 8 prohibition against the payment of kickbacks for referrals of mortgage settlement services. However, if you factor in greed, you have the reason why these violations continue to occur. JPMorgan Chase and Wells Fargo will now be paying $35.7 million in penalties for a kickback scheme under which a title company paid loan officers cash and provided free marketing services in exchange for referrals. [1/23/15]