Maximum Penalties and Implementing/Enforcing Agencies

Question 1

RESPA

Answer 1

Agency: CFPB
Max Penalty: $10,000 and up to one year in prison. Requiring a specific title company - up to treble damages (three times the cost of the service) in private lawsuits plus the RESPA violation penalty.

Question 2

TILA

Answer 2

Agency: CDPB
Max Penalty: $5,000 per day for a single violation. $25,000 per day for reckless violations. $1,000,000 per day for knowingly violating the TRID rules.

Question 3

ECOA

Answer 3

Agency: CFPB

Max Penalty: $10,000 plus actual damages for individual actions.

Question 4

Fair Housing Act

Answer 4

Agency: HUD
Max Penalty: $16,000 first violation/ $37,500 if previous violation within five years/ $65,000 if two or more violations within seven years.

Any additional private civil lawsuit must be filed within two years.

Question 5

Mortgage fraud prosecuted under federal fraud statutes

Answer 5

Agency:
FBI investigates
DOJ prosecutes

Max Penalty: 30 years in prison and up to $1,000,000 in fines plus actual and punitive damages.

Question 6

Do Not Call

Answer 6

Agency: FTC

Max Penalty: Max fine of $42,530 per violation.