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The CFPB reviewed the business practices of Stonebridge Title Services, Inc. of Parsippany, New Jersey and its two owners bruce dostal and Cesare Stefanelli operated the title agency to determine if Stonebridge Title was violating RESPA Section 8(a) "illegal kickbacks" and 8(b) "unearned fees". Stonebridge Title is an appointed title.
RESPA Lawyer Blog – RESPA VIOLATIONS Category – Page 3 of 6 – RESPA Lawyer Blog.. The CFPB reviewed the business practices of Stonebridge Title Services, Inc. of Parsippany, New Jersey and its two owners Bruce Dostal and Cesare Stefanelli operated the title agency to determine if.
So, the resuscitation of enforcement actions under Section 8 of the Real estate settlement procedures Act (RESPA) for unearned kickbacks and fees should not be of any surprise. MCM Weekly NewsLINEs last visited RESPA Section 8 violations in our March 9, 2015, issue.
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T he Consumer Financial protection bureau (cfpb) fined Stonebridge Title Services Inc., a New Jersey title company, $30,000 for allegedly paying illegal kickbacks for referrals in violation of RESPA. "Kickbacks drive up the costs of getting a mortgage and put law-abiding companies at a disadvantage," said CFPB Director Richard Cordray.
RESPA and other CFPB Enforcement James Brody, CFPB now in charge 2. Make sure Agreements reflect arrangement actual services, actually performed. In re: Stonebridge Title Services, Inc., File No. 2014-CFPB-0006.
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RESPA prohibits unearned fees for services not actually performed, including fee splitting. Violations of Section 8’s anti-kickback, referral fees, and unearned fees rules are subject to criminal and civil penalties. In a criminal case, a person who violates Section 8 of RESPA may be fined up to $10,000 and imprisoned up to one year.
By: Daniel A. Cozzi On June 12, 2014, the Consumer Financial Protection Bureau ("CFPB") entered a Consent Order with New Jersey company, Stonebridge Title Services Inc. ("Stonebridge"), whereby Stonebridge agreed to pay $30,000 for illegal referrals in violation of Section 8 of the Real Estate Settlement Procedures Act ("RESPA").
CFPB charges Stonebridge Title Services for RESPA violation. The Consumer Financial Protection Bureau ordered New Jersey-based Stonebridge Title Services to pay $30,000 for paying illegal kickbacks for referrals. The CFPB charged that the company paid commissions to more than 20 independent salespeople who referred title insurance business to Stonebridge.