Violation Tracker Individual Record

Company: 
Republic Mortgage Insurance Corporation
Current Parent Company: 
Old Republic International
Penalty: 
$100,000
Year: 
2013
Date: 
November 15, 2013
Primary Offense: 
consumer protection violation
Secondary Offense: 
mortgage abuses
Violation Description: 

The Consumer Financial Protection Bureau took action against Republic Mortgage Insurance Corporation (RMIC), for allegedly paying illegal kickbacks to mortgage lenders in exchange for business. The CFPB filed a complaint and proposed consent order against RMIC to stop these practices, which have been prevalent for more than 10 years. The proposed order required RMIC to pay a $100,000 penalty to the CFPB.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Illinois
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
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.