Prospect Pays $3.5 Million for Violating CFPB!!!

The Consumer Protection Finance Bureau is not messing around.  It was announced on January 30 that the CFPB fined Prospect Mortgage $3.5 Million for paying kickbacks to two real estate brokers.

As quoted on nationalmortgagenews.com  “Today’s action sends a clear message that it is illegal to make or accept payments for mortgage referrals,” CFPB Director Richard Cordray said in a press release. “We will hold both sides of these improper arrangements accountable for breaking the law, which skews the real estate market to the disadvantage of consumers and honest businesses.”

At The Choice Insurance Agency, we are vigilant about ensuring that all of our preferred partnerships are 100% in compliance with RESPA, the CFPB, and insurance laws.

We believe that the best way we can partner with real estate professionals is to provide the best products and service to our partners’ clients and provide tools to help our partners be most successful in their own practice.

Instead of illegally paying for leads, we help brokers, agents and loan officers earn more repeat business by ensuring their clients get the best value in the marketplace and by providing marketing tools and educational resources to our partners.

For clients of our preferred partners, we:

  • Provide a $25 Amazon gift card when they receive their insurance proposal (only when referred from a preferred partner. Clients are very thankful to our Preferred Partners!)
  • Provide direct access to a dedicated agent.
  • Service all policies locally; never in another state or another country.
  • Provide comprehensive proposals to provide the right coverage at the best price possible.
  • Explain all coverages and options in the purchasing process. We will never place clients in a surplus lines policy when they are eligible for an admitted carrier.
  • NEVER charge agency fees for any standard policy. Some other companies charge $100 or more in addition to the insurance premium.

For our preferred partners we will provide any of the following upon request:

  • Listing on our Recommended Professionals Directory
  • Direct access to a dedicated agent to act as an insurance resource
  • Press release/BLOG post to announce our partnership
  • Sponsored Lunch ‘N Learns to educate our partners on relevant insurance issues
  • Guest BLOG content for use on the web and social media
  • Insurance information for contract packets

We also have additional tools for our preferred partners coming soon.  If you are a real estate professional who wants to help their clients get the best value on insurance while taking advantage of tools to enhance and improve your own business, contact Kelley Carter, Marketing Director, at 757-416-5100, to discuss what a preferred partnership can mean for you or request a contact here.

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The Choice Insurance Agency’s mission is to help you get from where you are to where you want to be financially by planning, achieving your plan and protecting your plan from unexpected events.  In the process, our goal is to deliver insurance services in a manner that exceeds your expectations.  See what The Choice Insurance Agency can do for you today. Give us a call at 757-416-5100 to speak with one of the licensed, professional members of our team or request a contact here. The Choice Insurance Agency. We’re on YOUR side. 757-416-5100 .