Sentences with phrase «mortgage business referrals»

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today took action against Prospect Mortgage, LLC, a major mortgage lender, for paying illegal kickbacks for mortgage business referrals.

These companies either made or received payments in the form of illegal kickbacks for mortgage business referrals, which resulted in the CFPB imposing financial penalties, disgorgement and numerous restrictions on business operations.

Prospect Mortgage, LLC, a major mortgage lender, and two real estate brokerages have been ordered by the Consumer Financial Protection Bureau (CFPB) to pay more than $ 3.5 million in civil penalties and consumer compensation for participating in an «illegal kickback scheme» for mortgage business referrals.

Not exact matches

Do you run a retail or purchase mortgage business that leverages relationships with referral partners?

During the course of its investigation, the Consumer Financial Protection Bureau reviewed the mortgage referral activities of the Corvallis, Oregon - based real estate broker Willamette Legacy, LLC, which does business under the name Keller Williams Mid-Willamette.

To be a world class online mortgage lender with impeccable integrity, an amazing amount of repeat business and outstanding referrals from our satisfied customers.

In addition to establishing trust and a strong source of referrals with our customers, our team of 8 Residential Mortgage Loan Originators were among the best in the business.

Instead, their businesses are built through word - of - mouth (warm referrals) and detailed, individualised, strategic mortgage planning for their clients.

hosting partners, service providers, vendors, affiliates, referral partners, other counseling agencies, financial service providers (such as companies providing home mortgages), lenders, Federal, State, and non-profit agencies or other business partners.

Advertising fees paid by Churchill Mortgage are in no way dependent upon any referral of settlement service business or a particular consumer transaction with Churchill Mortgage.

Targeted and marketed first and second mortgage business to new and existing clients through prospecting, referrals and cold calling.

He deals directly with the customers and handles cash withdrawals, collection of payments, loan, mortgages, business referrals and other duties including solving customer issues.

• Revised the bank's policies and regulations related to mortgage lending laws to bring them in line with federally issued mortgage state laws • Enhanced total mortgage clientele by 50 % by providing existing clients with matchless and sound mortgage advice as per their residential needs and by reaching prospective clients proactively • Keep up to date with latest loan and mortgage regulations, prospect for new business regularly by establishing relationships with local referral networks • Interview prospective clients for credit and financial data analysis.

WORK EXPERIENCE Mar 2012 — May 2015 Union Mortgages — Wilmington, DE Mortgage Loan Officer • Developed and maintained contact with business referral sources • Followed up on new and existing mortgage opportunities • Interviewed and assisted loan applications with the process • Obtained and evaluated pertinent documents including reports and appraisals • Achieved preset production goals • Oversaw and ensured completion of all mortgage loan applications • Provided exceptional customer services at all times • Liaised with local referral Mortgage Loan Officer • Developed and maintained contact with business referral sources • Followed up on new and existing mortgage opportunities • Interviewed and assisted loan applications with the process • Obtained and evaluated pertinent documents including reports and appraisals • Achieved preset production goals • Oversaw and ensured completion of all mortgage loan applications • Provided exceptional customer services at all times • Liaised with local referral mortgage opportunities • Interviewed and assisted loan applications with the process • Obtained and evaluated pertinent documents including reports and appraisals • Achieved preset production goals • Oversaw and ensured completion of all mortgage loan applications • Provided exceptional customer services at all times • Liaised with local referral mortgage loan applications • Provided exceptional customer services at all times • Liaised with local referral networks

• Established appropriate referrals to other lines of business, including mortgage, business banking, treasury services and merchant services.

• Originate, file, seal and process mortgage loan requests • Educate the borrowers regarding federal mortgage lending policies • Implore further mortgage business via maintenance of a strong network of referrals • Implement federally issued mortgage regulatory policies and guidelines • Process all underwriting processes proficiently • Hold regular meetings with clients, attorneys and bank administration for discussing progress and status of mortgage loan applications • Answer client queries regarding application progress to ensure delivery of high quality customer care

Matchless skills in maintaining an active business referral channel coupled with a track record of proactively soliciting residential mortgage business.

SPECIAL EXPERTISE • Loan request evaluation, referral evaluation and forwarding of loan applications • Borrower specifications filing, application completion and forwarding of request file • Automated and manual underwriting and processing of mortgage loan files • Public relations and referral networking for soliciting potential housing loan business • Providing guidance, consultancy and paper work assistance to potential borrowers

MAJOR ACCOMPLISHMENTS • Secured high volume mortgage loan business via self generated referral networks, that led to enhancement in revenues by 10 % • Assisted in designing of five new promotional mortgage packages to attract more potential borrowers • Trained a group of 20 junior mortgage loan officers regarding automated underwriting and state approved application processing protocols

I possess the ability to sustain successful liaison with business referral sources and am proficient in understanding the need of maintaining contact with fulfillment center partners, ensuring that exceptional customer services are provided to a client from the time a mortgage loan is originated to the time it is closed.

Tags for this Online Resume: Recruiter, Banking Industry, Business Development, Call Center, CFO, Cold Calling, Consulting, Information Technology, Insurance, Referrals, Property Management, Human Resource, RPO, Recruiting, Contract Recruiting, Corporate Recruiting, Remote Recruiting, Mortgage, Aerospace, Medical Device, Clinical, Medical, Behavioral Health, Finance, Banking, Staffing, Agency, Taleo, ATS Systems

Key Highlights: • Triggered an increase in referral business by 15 % in 2006 and initiated an aggressive campaign of cold calling, offered referral incentives and participated in networking events • Worked closely with business partners in commercial, securities, and mortgage departments to create additional customer contacts and sales opportunities.

RESPA prohibits any settlement service provider from giving or receiving anything of value for the referral of business in connection with a mortgage or charging fees or markups when no additional service has been provided.

The court based this finding on the following: (1) McCarrick enlisted Karatnjchy to obtain a mortgage after Pepe could not obtain a commitment; (2) McCarrick was informed by letter that a 1 % fee was expected for «services in obtaining the loan»; (3) there was no evidence of a scheme by Polonia and Karatnjchy which involved the payment of a commission for referral of business; (4) there was no evidence that Karatnjchy was in any way associated with Polonia; and (5) Karatnjchy performed valuable services for McCarrick by obtaining a mortgage and title insurance.

Specifically, the second paragraph of Article 6 in the Code requires that REALTORS ® fully disclose any financial benefit or fee to themselves or to their company as a result of the referral of business such as mortgages and home warranties.

Increased client due diligence for introduced businesses — Realtors often refer clients to banks, insurance companies, mortgage brokers and notaries and they often acquire clients from such referrals.

Imagine the millions in mortgage referral fees paid to Zoocasa.com, with no disclosure needed by Zoocasa brokerage, that any bank would gladly cough up to get your clients» business because Rogers certainly does!

* 1999 doesn't total 100 percent because of fractional business, including auction services, counseling, international sales, mortgage finance, and referral / relocation networks.

The court concluded the Bureau established a violation of RESPA because there was an agreement to refer business, referral fees were paid, and the transactions involved federally regulated mortgage loans.

The rationale behind the passage of RESPA was a congressional intent to end abuses in the real estate business, including kickbacks and inflationary referral fees in connection with mortgage settlements.

The court observed that «section 8 (a) of RESPA prohibits the payment or receipt of fees, kickbacks, or things of value in exchange for referrals of «business incident to or part of a real estate settlement service involving a federally related mortgage loan.»»

Creating better alignment with your referral sources, such as mortgage brokers, can make a big difference in your business relationship.

Below is a collection of mortgage tools designed for loan officers of any level to help increase referral business and purchase volume.

Affiliated Business Arrangment means an arrangement in which (A) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1 percent in a provider of settlement services; and (B) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the selection of that provider; and (8) the term «associate» means one who has one or more of the following relationships with a person in a position to refer settlement business: (A) a spouse, parent, or child of such person; (B) a corporation or business entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrangement, or understanding, with such person, the purpose or substantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the referrals of such bBusiness Arrangment means an arrangement in which (A) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1 percent in a provider of settlement services; and (B) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the selection of that provider; and (8) the term «associate» means one who has one or more of the following relationships with a person in a position to refer settlement business: (A) a spouse, parent, or child of such person; (B) a corporation or business entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrangement, or understanding, with such person, the purpose or substantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the referrals of such bbusiness incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1 percent in a provider of settlement services; and (B) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the selection of that provider; and (8) the term «associate» means one who has one or more of the following relationships with a person in a position to refer settlement business: (A) a spouse, parent, or child of such person; (B) a corporation or business entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrangement, or understanding, with such person, the purpose or substantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the referrals of such bbusiness to that provider or affirmatively influences the selection of that provider; and (8) the term «associate» means one who has one or more of the following relationships with a person in a position to refer settlement business: (A) a spouse, parent, or child of such person; (B) a corporation or business entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrangement, or understanding, with such person, the purpose or substantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the referrals of such bbusiness: (A) a spouse, parent, or child of such person; (B) a corporation or business entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrangement, or understanding, with such person, the purpose or substantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the referrals of such bbusiness entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrangement, or understanding, with such person, the purpose or substantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the referrals of such bbusiness to benefit financially from the referrals of such businessbusiness.

Both the business partner and the mortgage company contribute capital, own an equity interest in the legal entity receiving the referral, and receive profits accordingly.

The CFPB imposed a massive fine — $ 109 million — against a mortgage company for sending referrals to mortgage insurers that used its affiliated mortgage reinsurance business.

He acquired a large office building in 2002 in Whitby to serve as head office for R.M.R's residential and commercial business with the support of an international referral network, marketing, leasing and mortgage financing.

Since in this situation the sales rep is the reason why the mortgage broker or lawyer gets business from one another, the rep can legitimately request a referral fee or reciprocation.

Remember, Section 8 of the Real Estate Settlement Procedures Act (RESPA) «prohibits anyone from giving or accepting a fee, kickback, or anything of value in exchange for referrals of settlement service business involving a federally related mortgage loan.»

get the experience clock started before going full time or getting your broker's license • Create a referral side - business for more income • Switching careers or concentrating on a new business • Realtor fees too expensive • Create savings for holidays and vacations • Get paid for referrals anywhere even if you have moved to another state • Increase retirement income • Finally start or increase saving for retirement • Increase your yearly income • Switch from full - time sales • Stay up to date in the industry • Put your Realtor sales career on temporary hold • Save for a new car or auto expenses • Start saving for your kids college fund • Make additional money to pay taxes • Pay off debt • Make an additional mortgage payment (s) per year • Take your many yearly «business» tax deductions by having an active professional license & business (especially helpful during the holidays)