Violation Tracker Individual Record

Company: 
Prospect Mortgage, LLC
Penalty: 
$3,100,000
Year: 
2011
Date: 
July 13, 2011
Offense Group: 
competition-related offenses
Primary Offense: 
kickbacks and bribery
Violation Description: 

The U.S. Department of Housing and Urban Development announced an agreement with Prospect Mortgage, LLC (Prospect) to settle allegations the California-based mortgage lender created sham affiliated business arrangements for the purpose of paying improper kickbacks or referral fees in violation of Federal Housing Administration guidelines and the Real Estate Settlement Procedures Act. Prospect agreed to dissolve these sham joint ventures and pay $3.1 million to resolve the complaint.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Housing and Urban Development Department
Civil or Criminal Case: 
civil
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.