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Castle AND Cooke Mortgage
Castle and Cooke Mortgage is a large mortgage lender with physical branches across the country. It did $1.3 billion in loan origination volume last year. Two thirds of that volume was home purchase lending. The rest was mortgage refinancing. They offer conventional loans, FHA loans, jumbo loans, VA loans and USDA loans.
CFPB investigates mortgage lenders for illegally giving bonuses to loan officers
The Consumer Financial Protection Bureau (CFPB) is investigating a Utah-based mortgage company for giving loan officers illegal bonuses and steering borrowers into riskier loans to increase their profits. The agency said these practices exacerbated the financial crisis and should be stopped.
The complaint says Castle & Cooke violated federal laws governing consumer loans. These laws require companies to keep and report their compliance records. In the case of Castle & Cooke, employees failed to keep records indicating which portion of their quarterly bonuses was related to which loan. Additionally, the company failed to reference its quarterly bonus program in loan officers’ compensation agreements. Moreover, these violations may have caused tens of thousands of customers to be up-sold by loan officers.
According to the CFPB, Castle & Cooke Mortgage illegally gave bonuses to loan officers based on the interest rates of borrowers. This practice violated the Federal Reserve Board’s loan originator compensation rule, which bans compensation based on loan terms. As a result, the company is being forced to refund over $9 million in consumer loans and pay a $4 million civil penalty.
The CFPB also took action against a mortgage lender, Fidelity. The company’s former owner and current president were found guilty of illegally giving kickbacks to loan officers in return for referring business to the company. In addition, the company had to pay $30,000 in fines, and Stonebridge Title Services agreed to pay $30,000 in penalties.
The CFPB’s investigation follows several allegations about Castle & Cooke Mortgage, LLC’s practices of illegally giving bonuses to loan officers. The company, which has 45 branches in 22 states, understands the mortgage market and what people want. Their loan officers are highly skilled in the field of mortgage lending and understand the needs of borrowers and their financial situations.
Employee data
For more information on the company’s human resources department, you can call their phone number located at 13751 South Wadsworth Park Drive, Draper, UT. Calls are answered during business hours. You can also call them through their automated voice service. This number is not toll-free, so you may be charged for phone operator rates. If you need to reach the company’s human resources department, be aware that the phone line will be closed on some official holidays.
The data on Castle and Cooke Mortgage’s employees has been compiled from public and proprietary sources by Zippia. It is based on self-reported information provided by the company and other sources. Unless otherwise stated, data on Castle & Cooke Mortgage is not guaranteed to be correct.
If you want to know the exact technology stack used by the company, you can find the information on the company’s website. You can also find out the decision makers in the company by looking at their Linkedin profiles. You can also find employee details from any website with a search engine. With these details, you can benchmark your own company against the competition.
When it comes to compensation, at Castle & Cooke Mortgage, the highest-paid employees make over $50k per year, while the lowest-paid employees make less than $20k. Employees earn an average of $24 per hour, which is 24% less than the national average. Overall, this company is a great place to work, and you will be rewarded accordingly!
Locations
Castle & Cooke Mortgage is an independent mortgage lender with a strong presence in the southwestern United States. With 15 years in business and $1.5 billion in production last year, the company has offices throughout the region. In Utah, it is headquartered in Draper, and also operates in Nevada and California.
The company employs a diverse workforce, with 61% of employees being women. The most common ethnicity among employees is Hispanic or Latino. The average tenure is 3.5 years and the average salary is $62,785 per year. The company competes with several mortgage lenders, including InterLinc Mortgage and Axia Home Loans.
Customer service
Castle & Cooke Mortgage, LLC was named one of the 2018 Best Workplaces for Millennials. This award is based on the evaluation of 50 elements of employee experience. These include pride in the impact of the company’s work on the community, the sense of importance of the work, and the feeling that one’s work has a special meaning.
The company is located in Washington, D.C., and has an average salary of $62,785 per year. Employees at Castle & Cooke Mortgage are made up of 61% women and 39% men. The majority are Hispanic or Latino. The average tenure at the company is 3.5 years. This company competes with companies like InterLinc Mortgage, Axia Home Loans, and Platinum Mortgage.
