Archives: 2014

CFPB Takes Action Against Franklin Loan Corporation for Steering Consumers into Costlier Mortgages

Added on November 13, 2014

CFPB Takes Action Against Franklin Loan Corporation for Steering Consumers into Costlier Mortgages

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) ordered a California mortgage lender, Franklin Loan Corporation, to pay $730,000 for giving its employees illegal bonuses for steering consumers into loans with higher interest rates. The Bureau has asked a federal district court to approve a consent order requiring the company to end its illegal compensation system and refund the consumers it harmed.

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