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CFPB Addresses Marketing Services Agreements

Thursday, October 8, 2015

Saying it was "deeply concerned" about how marketing services agreements are undermining consumer safeguards against kickbacks, the Consumer Financial Protection Bureau (CFPB) has issued guidance about them directed to the mortgage industry.  The Bureau released a bulletin on Thursday which offers an overview of the federal prohibition against kickbacks and the risks lenders face when then enter into the agreements.

A loose definition of marketing serves agreement is a contract by which one company will market another company's products.  In the mortgage world these agreements have sometimes taken the form of providing tangible rewards to real estate agents for referring their customers for mortgages or provision of joint marketing materials or events. The relationships are not limited to lenders and real estate agents but have also involved title insurers, escrow agents, private mortgage insurers, and others.


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