Updating a story MHProNews posted earlier today about allegations by the Consumer Financial Protection Bureau (CFPB) that Castle & Cooke Mortgage of Salt Lake City made illegal incentive payments to loan officers, the president of C & C denied the charges and is seeking to resolve the issue. “We don’t compensate loan officers based on the terms of a loan and we are not motivated to upsell,” Matthew Pineda said to American Banker. “The company has been cooperating with the CFPB in its investigation for more than a year, and anticipates an amicable resolution in this complex regulatory matter,” according to a statement the lender issued. As nationalmortgagenews informs MHProNews, the CFPB filed suit in U.S. District Court in Salt Lake July 23.
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