CFPB Says Zillow is Guilty of RESPA Violations and wants a settlement or threatens to pursue further actions.
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This same analogy can be made with Appraisers (hookers working for pay that does not cover their liability or expenses or accepting staff positions that do not allow them to be an unbiased third party) AMC’s / Banks (the Pimps).
I believe what is probably under scrutiny here is the ‘co-marketing’ arrangements that Zillow pushes endlessly. I’m been told by four different compliance professionals to run the other direction as the ‘referral’ to/from your co-marketer is a direct RESPA violation. So why co-market? And I’m surprised that CFPB hasn’t pursued this before. A settlement can contain a monetary as well as cease and desist component. It will be interesting to see how this unfolds.
AND JAIL