CFPB hits two lenders with thousands in penalties over HMDA data

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After the passage of the Dodd-Frank Act in 2010, the CFPB took over authority for HMDA data. Lenders are required by law to collect and report mortgage information to financial regulators that publicize the aggregate data annually. The CFPB assessed $459,000 in penalties against the two nonbank mortgage lenders.

Reordering transactions can double or triple penalties, and the practice has been the target of several class-action lawsuits against the nation’s biggest banks. The CFPB’s inquiry. costing about.

On March 15, 2017, the consumer financial protection bureau (cfpb) entered into a consent order with national nonbank mortgage lender that requires the lender to pay a $1.75 million civil monetary penalty to resolve alleged violations of the Home Mortgage Disclosure Act (HMDA).

 · The CFPB recently announced that Nationstar would have to pay a $1.75 million penalty – the largest ever for HMDA violations – to settle allegations that Nationstar failed to follow disclosure.

The Home Mortgage Disclosure Act (HMDA) was enacted by Congress in 1974 and has been implemented by the Federal Reserve Board’s Regulation C. As of July 21, 2011, the enforcement and rulemaking authority over the HMDA transferred to the CFPB, under the provisions of the Dodd-Frank Act.

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The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to maintain, report, and publicly disclose loan-level information about mortgages. These data help show whether lenders are serving the housing needs of their communities; they give public officials information that helps them make decisions and policies; and they shed.

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