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CFPB levies its largest ever mortgage reporting penalty

Joe Mont | March 17, 2017

The Consumer Financial Protection Bureau has ordered Texas-based Nationstar Mortgage to pay a $1.75 million civil penalty for violations of the Home Mortgage Disclosure Act and “consistently failing to report accurate data about mortgage transactions for 2012 through 2014.”

The March 16 action is the largest HMDA civil penalty imposed by the Bureau to date, owing to “Nationstar’s market size, the substantial magnitude of its errors, and its history of previous violations.”

Nationstar had been on notice since 2011 of HMDA compliance problems. In addition to paying the civil penalty, The company must take the necessary steps this time to improve its compliance management and prevent future violations, the CFPB said in a statement.

Nationstar, a nationwide nonbank mortgage lender headquartered in Coppell, Texas, is a wholly owned subsidiary of Nationstar...

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