Violation Tracker Individual Record

Company: 
Franklin Loan Corporation
Penalty: 
$730,000
Year: 
2014
Date: 
November 13, 2014
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 Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.