By Nicole D. Prysby, J.D. The CFPB and Freedom Mortgage Corp. have settled claims that the company’s loan officers were told to replace blanks in mortgage applicant ethnicity data with "non-Hispanic white" regardless of accuracy, in order to remove blank data and allow the file to be saved.
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"Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market," he says. "However, the pace of a home-sales recovery still depends more on.
An investigation found that the South Jersey mortgage company intentionally reported "inaccurate race, ethnicity and sex information" between 2014 and 2017.
Freedom Mortgage will pay a $1.75 million fine and must take steps to improve its compliance in order to settle allegations by the Consumer Financial Protection Bureau (CFPB) that the lender – one of the largest in the country – violated the Home Mortgage disclosure act (hmda) and Regulation C, which implements that Act.
CFPB fines freedom mortgage .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.
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 has announced that it has 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. In addition to paying the civil penalty, Nationstar must take the necessary steps to improve its compliance management and
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CFPB Orders Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme. "We will hold both sides of these improper arrangements accountable for breaking the law, which skews the real estate market to the disadvantage of consumers and honest businesses." Prospect Mortgage, LLC, headquartered in Sherman Oaks, Calif.,
The CFPB issued a Consent Order to Freedom Mortgage Corporation ("Freedom") to resolve Freedom’s potential liability for law violations asserted by the Bureau of the Home Mortgage Disclosure Act and its implementing regulation, Regulation C (12 CFR part 1003).