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Loan officer: I was bullied into settling with CFPB
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Case Law, Consumer Protection, Nonbank Financial
Friday, June 3, 2016
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The loan officer named within the Consumer Financial Protection Bureau’s consent order claims that he was “bullied” into entering the settlement, issuing a statement through his attorney that “the extraordinary cost of fighting these allegations in prolonged litigation against such a powerful federal agency was not possible.” The order alleged that he had been engaged in a fee-shifting scheme in violation of the Real Estate Settlement Procedures Act (RESPA).
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