Estimated reading time: 0 minutes, 33 seconds

Mortgage Lender Exec Hit with $20M CFPB Fine

An executive of mortgage lender Monster Loans must pay a $20 million civil penalty to the Consumer Financial Protection Board, a California judge has ruled. So reports Law360.

CFPBJawad Nesheiwat, the chief operating officer of Monster Loans, “recklessly violated” the Fair Credit Reporting Act, the Telemarketing Sales Rule and the Consumer Financial Protection Act, wrote U.S. District Judge Stanley Blumenfeld Jr.

Nesheiwat’s attorneys didn’t respond to Law360’s request for comment. The CFPB filed suit against Monster Loans, also known as Chou Team Realty, in January 2020, as reported by Regulatory Report, and the CFPB said it previously settled with the other co-defendants.

Read the full post from Law360.

Read 1618 times
Rate this item
(0 votes)

FOLLOW US

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.