CFPB hits two lenders with thousands in penalties over HMDA data

Penalties for Violations of HMDA Civil monetary penalties can result from the failure to report data, failure to report data in a timely manner, and failure to report data accurately. The regulatory agencies that monitor compliance use a penalty matrix and consider factors such as good faith, previous violations and financial resources of the.

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Nationstar Mortgage took a .7 million hit from the consumer financial protection bureau over Home Mortgage Disclosure Act (HMDA) reporting errors this week, the largest civil penalty ever assessed.

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Two mortgage lenders must pay a combined $459,000 in civil penalties for what the Consumer Financial Protection Bureau (CFPB) says are violations of the Home Mortgage Disclosure Act (HMDA).

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Speculation about the CFPB penalty also comes just days before Mulvaney starts two rounds of congressional. from the significant hit to its reputation after it agreed to pay $190 million in.

The Consumer Financial Protection Bureau (CFPB) has issued an. and other financial resources. A lender, however, may not be certain if its ATR determination is reasonable in a particular case,

This is the largest HMDA penalty ever imposed by the CFPB. According to 2014 data, Nationstar was the ninth-largest HMDA reporter by total mortgage originations, the sixth largest by applications received, and the 13th largest by money lent. From 2010 to 2014, Nationstar’s number of HMDA mortgage loans increased by nearly 900 percent.

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Get started filing your HMDA data for 2018. Beginning with HMDA data collected in or after 2017, financial institutions will use the HMDA Platform to upload their loan/application registers (LARs), review edits, certify the accuracy and completeness of the data, and submit data for the filing year.

The Consumer Financial Protection Bureau said Thursday that it plans to reopen its rulemaking for the Home Mortgage Disclosure Act and will not assess penalties against mortgage lenders for any errors in data collected in 2018.. CFPB to reopen mortgage disclosure rule, will not penalize data.

The Consumer Financial Protection Bureau’s proposed regulations, announced Thursday, seek to tackle two common. the CFPB found that payday borrowers were charged on average $185 in overdraft fees.