Home Loan News

CFPB fines Freedom Mortgage $1.75M for HMDA violations

The Consumer financial protection bureau has settled with Freedom Mortgage Corporation for a civil money penalty of $1.75 million, to settle Freedom’s potential liability for violations of the Home Mortgage Disclosure Act and its implementing regulation, Regulation C (12.

WASHINGTON, D.C. – The consumer financial protection bureau (cfpb) today ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about mortgage transactions for 2012 through 2014.

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CFPB fines Freedom Mortgage $1.75M for HMDA violations The company intentionally submitted inaccurate borrower information overstating the number of white applicants, the consumer bureau alleges in a consent order.

 · But the CFPB said the fine was the highest-ever penalty the agency has won for HMDA violations and noted the company’s past enforcement history – including a $25,000 settlement with.

Nationstar Mortgage agreed on Wednesday to pay $1.75 million to the Consumer Financial Protection Bureau for failing to accurately report home mortgage data that is used to identify discrimination.

Agency Vs Non Agency Mortgages CFPB fines Freedom Mortgage $1.75M for HMDA violations – The CFPB found that, when mortgage applicants called Freedom to apply for a home loan but did not provide their race or. If HR 1461 becomes law, the conforming loan limit would be $625,500 in the Bay Area and $429,250 in San Joaquin County.

The CFPB has issued a consent order directing Freedom Mortgage Corporation ("Freedom") to pay a $1,750,000 civil money penalty for knowingly filing HMDA loan application registers during the years 2014 through 2017 with missing or erroneous government monitoring data on the race, ethnicity and sex of applicants and co-applicants on mortgage loans.

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CFPB fines Freedom Mortgage $1.75M for HMDA violations The company intentionally submitted inaccurate borrower information overstating the number of white applicants, the consumer bureau alleges in a consent order.

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The CFPB announced Wednesday it is fining nationstar .75 million for HMDA reporting violations. According to the CFPB, Nationstar’s $1.75 million fine is the largest HMDA civil penalty ever.