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CFPB fines real estate firm for steering consumers to title affiliate
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Regulatory Updates
Wednesday, May 28, 2014
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The Consumer Financial Protection Bureau (CFPB) ordered RealtySouth, the largest real estate firm in Alabama, to pay $500,000 for inadequate disclosures that could leave consumers unaware of their rights to choose service providers during the home-buying process. The practices identified by the CFPB’s investigation illegally benefited TitleSouth LLC, an affiliated company owned by the same holding company that owns RealtySouth.
“Disclosures give consumers the power to make informed financial decisions, and buying a house is among the biggest financial decisions most people ever make,” said CFPB Director Richard Cordray. “The bureau will continue to take action against companies that attempt to modify disclosures and keep consumers in the dark.”
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