A Connecticut mortgage lender has agreed to pay an $83,000 civil money penalty for violating the Real Estate Settlement Procedures Act (RESPA). The lender focuses its business primarily on loss mitigation financing to distressed borrowers.
Until 2010, a hedge fund financed the lender’s activities, and, accordingly, the lender and hedge fund split the origination fees paid by consumers. In 2011, the lender ended the funding arrangement but continued to split fees with the hedge fund for loans originated between August 2011 and April 2012 (a total of 83 loans).
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