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Wells Fargo, JPMorgan Chase ordered to pay $35.7 million in Md. mortgage kickback scheme
Wells Fargo, JPMorgan Chase ordered to pay $35.7 million in Md. mortgage kickback scheme

Wells Fargo and JPMorgan Chase would pay $35.7 million for participating in a mortgage kickback scheme with a now-defunct Owings Mills-based title company under a federal consent order filed Thursday, the Consumer Financial Protection Bureau and Maryland Attorney General Brian E. Frosh announced Thursday. Loan officers at the two banks referred homeowners to the company, Genuine Title, in exchange for cash and marketing services, the CFPB said. The company bought lists of consumer data and sent out letters advertising loans on the banks' behalf; in return, the banks' loan officers referred homebuyers to Genuine for closing services, the bureau said. The Real Estate Settlement...

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