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Mortgage firm’s hedge fund payments violated RESPA, CFPB says
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Consumer Protection
Tuesday, February 25, 2014
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Connecticut-based mortgage firm 1st Alliance Lending LLC agreed to pay an $83,000 civil money penalty to the Consumer Financial Protection Bureau after the regulator determined that the company violated the Real Estate Settlement Procedures Act by splitting certain settlement fees with a hedge fund. 1st Alliance reported the issue to the CFPB, and the bureau said it took the firm’s cooperation into account while determining how to resolve the matter. Read on for the details.
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