November 13, 2014: CFPB ordered a California mortgage lender, Franklin Loan Corporation to pay $730,000 in compensation to affected consumers who were purportedly steered towards higher interest loans by 32 loan officers who were incentivized with quarterly bonuses to do so. The CFPB found that these bonus payments violated the Federal Reserve Board’s Loan Originator Compensation Rule. The rule prohibits mortgage lenders from paying loan officers based on loan terms such as interest rate. Franklin Loan allegedly violated the rule by tying its loan officers’ quarterly bonuses to the interest rates on the loans they offered to borrowers. Franklin Loan’s unlawful bonus practices affected more than 1,400 borrowers.
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