ALAMO, Calif.--(BUSINESS WIRE)--RPM Mortgage, Inc. (RPM) today announced that it has reached a settlement with the Consumer Financial Protection Bureau (CFPB) to resolve an investigation into its loan officer compensation policies during the years 2011, 2012, and 2013. Importantly, the CFPB did not allege that the way the company paid its employees actually harmed its customers in the form of higher interest rates or otherwise.
RPM cooperated fully with the CFPB investigation. “The company has always taken great care to provide outstanding service and highly competitive rates while complying with the rules governing loan originator compensation, despite the limited and sometimes confusing guidance provided by regulators,” said RPM CEO, Rob Hirt. The company chose to settle this matter without an admission of wrongdoing in order to avoid the cost and distraction of litigation. RPM values its reputation as a respected mortgage lender and has maintained from the beginning of the investigation that all of its compensation policies were and are fully compliant with the law.
The company and Hirt are pleased that this issue was amicably resolved and that RPM can continue focusing on satisfying the needs of the communities it serves with the utmost professionalism and integrity.
About RPM Mortgage, Inc.
Based in Alamo, California, RPM Mortgage, Inc. is a private mortgage lender. Since 1986, trust, knowledge and community focus have been the core values upon which RPM has built a reputation as a trusted mortgage lender. Scotsman Guide ranked RPM as the No. 12 mortgage lender in Top Retail Volume and No. 19 in Top Overall Volume for 2014. In addition, RPM is the only privately owned U.S. mortgage originator to have earned Standard & Poor’s (S&P) Above Average ranking in all ratings categories and was also named one of S&P’s Select Servicers in 2014. RPM services more than $3 billion in loans and their footprint of nearly 60 branches serves communities across Arizona, California, Colorado, Nevada, Oregon, Texas and Washington. For more information, please visit http://www.rpm-mtg.com, call 925.295.9300, or follow @RPMMortgage.
RPM Mortgage, Inc. | 3236 Stone Valley Road West, Alamo, CA 94507 | NMLS #9472 | AZ – Arizona Mortgage Banker License #0924551. CA - Department of Business Oversight under the Residential Mortgage Lending Act. CO - Regulated by the Division of Real Estate #9472. NV – Nevada Mortgage Broker License #1232. OR – Oregon Mortgage Lending License #ML-4876. TX – Regulated by the Department of Savings and Mortgage Lending #9472. WA – Washington Consumer Loan Company License #CL-9472. | Equal Housing Opportunity.