The Consumer Financial Protection Bureau took action against a former Wells Fargo employee for an illegal mortgage fee-shifting scheme that allowed him to ultimately increase his commissions, HousingWire.com reported yesterday. According to the CFPB, David Eghbali referred a substantial number of loan closings to a single escrow company, which shifted its fees from some customers to others at Eghbali’s request. From there, the CFPB said that Eghbali could then manipulate loan costs and ultimately increase the number of loans he closed, increasing his commissions. The CFPB, as a result, said it filed an administrative consent order requiring Eghbali to pay an $85,000 penalty. The bureau also banned him from working in the mortgage industry for one year.
