CFPB
Freedom Mortgage Corporation
August 17, 2023
Summary
The CFPB issued a consent order against Freedom Mortgage Corporation, a mortgage lender and servicer, and a related order against Realty Connect USA Long Island, Inc., a real estate brokerage, for RESPA/Regulation X violations arising from referral kickback arrangements. Freedom provided subscription services, events, and monthly marketing services agreement payments in exchange for mortgage referrals, and the orders require both companies to stop the unlawful practices and pay civil money penalties of $1.75 million and $200,000, respectively.
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Freedom Mortgage Corporation
On August 17, 2023, the Bureau issued an order against Freedom Mortgage Corporation (Freedom), a residential mortgage loan originator and servicer headquartered in Boca Raton, Florida, for providing things of value—including subscription services, events, and monthly marketing services agreement payments—in exchange for referrals of mortgage loans in violation of the Real Estate Settlement Procedures Act and its implementing Regulation X. The order requires Freedom to stop its unlawful activities and pay a $1.75 million civil money penalty.
The CFPB separately took action against Realty Connect USA Long Island, Inc., a real estate brokerage firm based in New York, for accepting things of value from Freedom for mortgage referrals. The order against Realty Connect also requires it to stop its unlawful activities and pay a civil money penalty of $200,000.
Related documents
Press release
CFPB Penalizes Freedom Mortgage and Realty Connect for Illegal Kickbacks
Case docket
Page last modified Aug. 17, 2023 @ 02:14 PM EDT
Action Details
Forum
- Administrative Proceeding
Docket number
2023-CFPB-0008
Initial filing date
AUG 17, 2023
Products
- • Mortgage Origination
Source: https://www.consumerfinance.gov/enforcement/actions/freedom-mortgage-corporation-2023-respa/
Common questions
- What does "Freedom Mortgage Corporation" cover?
- The CFPB issued a consent order against Freedom Mortgage Corporation, a mortgage lender and servicer, and a related order against Realty Connect USA Long…
- Which agency issued this update?
- This update was issued by CFPB.
- When was it published?
- It was published on August 17, 2023.