CFPB
Realty Connect USA Long Island, Inc.
August 17, 2023
Summary
The CFPB issued a consent order against Realty Connect USA Long Island, Inc., a New York real estate brokerage, for accepting valuable subscription services, events, and monthly marketing services agreement payments from Freedom Mortgage in exchange for mortgage loan referrals, violating RESPA and Regulation X. The order requires Realty Connect to stop the unlawful activities and pay a $200,000 civil money penalty.
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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
Case Docket
Page last modified Aug. 17, 2023 @ 02:15 PM EDT
Action Details
Forum
- Administrative Proceeding
Docket number
2023-CFPB-0009
Initial filing date
AUG 17, 2023
Products
- • Mortgage Origination
Source: https://www.consumerfinance.gov/enforcement/actions/realty-connect-usa-long-island-inc/
Common questions
- What does "Realty Connect USA Long Island, Inc." cover?
- The CFPB issued a consent order against Realty Connect USA Long Island, Inc., a New York real estate brokerage, for accepting valuable subscription…
- Which agency issued this update?
- This update was issued by CFPB.
- When was it published?
- It was published on August 17, 2023.