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ARTICLE · 14 FEBRUARY 2023

CFPB Issues Advisory Opinion On Digital Shopping Platforms For Mortgages

Stites & Harbison PLLC
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The Consumer Financial Protection Bureau (CFPB) has warned that Digital Mortgage Comparison-Shopping Platforms may violate the Real Estate Settlement Procedures Act's (RESPA) anti-kickback rules.

United StatesFinance and Banking
T. Dylan Reeves
T. Dylan Reeves
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The Consumer Financial Protection Bureau (CFPB) has warned that Digital Mortgage Comparison-Shopping Platforms may violate the Real Estate Settlement Procedures Act's (RESPA) anti-kickback rules. At issue are digital platforms or "online marketplaces" that enable potential borrowers to comparison shop options for mortgages and other settlement services. These websites allow potential borrowers to enter limited information that is typically part of a mortgage application, and then the platform operator purports to compare various mortgage options based on the information. The provided options typically generate paid leads for the suggested lenders and the website operator often sells the potential borrower's contact information.

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