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Violation Tracker Individual Record

Company: Franklin Loan Corporation
Penalty: $730,000
Year: 2014
Date: November 13, 2014
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: mortgage abuses
Violation Description: The Consumer Financial Protection Bureau ordered a California mortgage lender, Franklin Loan Corporation, to pay $730,000 for giving its employees allegedly illegal bonuses for steering consumers into loans with higher interest rates. The Bureau asked a federal district court to approve a consent order requiring the company to end its illegal compensation system and refund the consumers it harmed.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.