WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced that it took action against former Wells Fargo employee David Eghbali for an alleged illegal mortgage fee.
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The CFPB filed an administrative consent order requiring eghbali to pay an $85,000 penalty and banning him from working in the mortgage industry for one year. “We have taken action against an individual loan officer for illegal mortgage fee-shifting,” said CFPB Director Richard Cordray.
The revelation immediately made Wells Fargo and its storied. worth of fines.. A report from the Consumer Financial Protection Bureau. And for all of the scandal and tumult, Wells employees report that.. troubled borrowers, Wells shifted people into modified mortgages that featured lower monthly.
· WASHINGTON – The Consumer Financial Protection Bureau reached an $85,000 settlement Wednesday with a former Wells Fargo mortgage loan officer. The CFPB alleges that David Eghbali, a loan officer for a Wells Fargo branch in Beverly Hills, Calif., developed a scheme to manipulate escrow fees in order to close more mortgages and boost his bonus.
The CFPB filed a lawsuit against former Wells Fargo employee David Eghbali for orchestrating an illegal mortgage fee-shifting scheme. Eghbali had an agreement with escrow company New Millennium Escrow, Inc. to reduce the escrow fees charged to his price-conscious customers and make up for the loss by overcharging other customers.
See David Dayen, “Give Wells Fargo the Corporate Death Penalty,” The New Republic. On September 8, 2016, the Consumer Financial Protection Bureau.. charging them illegal fees under its mortgage refinance program, and.. former Wells Fargo employees and customers have come forward to.
CFPB slaps loan officer with $85,000 fine.. The Consumer Financial Protection Agency has slaps a former Wells Fargo employee with an $85,000 fine for an illegal mortgage fee-shifting scheme.
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The Consumer Financial Protection Bureau (CFPB) fined former Wells Fargo & Co employee David Eghbali $85,000 and banned him from working in the mortgage industry for a year for an illegal mortgage.
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Late last week the Consumer Financial Protection Bureau (CFPB) announced it had taken action against a former Wells Fargo employee for an illegal mortgage fee-shifting scheme. The CFPB found that David Eghbali referred a substantial number of loan closings to a single escrow company, which shifted its fees from some customers to others at Eghbali’s request.