CFPB proposes $3.95M fine against Freedom Mortgage over repeated data errors
By 
Adrianne Appel2024-06-20T17:09:00
Freedom Mortgage Corp. (FM) would have to pay a $3.95 million fine and carry out regular auditing and testing of its loan data under a proposed order by the Consumer Financial Protection Bureau (CFPB).
FM submitted “error-riddled” mortgage loan data to federal regulators after being sued last year by the CFPB for similar failings. Additionally the company violated the Home Mortgage Disclosure Act (HMDA) and a 2019 order, the agency announced a press release Tuesday.
“Freedom Mortgage is a repeat offender that has ignored requirements to submit accurate data that help federal regulators maintain a fair home lending market,” said Rohit Chopra, CFPB director, in the release.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefBerkshire Hathaway mortgage unit led mobile home buyers needlessly into foreclosure, CFPB says
A Berkshire Hathaway unit that is a major lender to people buying mobile homes intentionally failed to qualify borrowers, the Consumer Financial Protection Bureau alleged in a complaint. As a result, many families ultimately lost their homes and sank into debt, echoing a series of events that helped power the ...
-
News BriefCFPB to monitor compliance at Credit Repair Cloud after alleged illegal fees
Credit Repair Cloud and its chief executive will pay $3 million in combined penalties and put in place significant compliance measures over illegally charging customers, according to the Consumer Financial Protection Bureau.
-
News BriefCFPB to require nonbanks to register outside enforcement orders
The Consumer Financial Protection Bureau passed a new rule requiring nonbank financial companies to register consumer protection orders filed against them by other federal agencies, courts, or states.
More from Regulatory Enforcement
-
ArticleCMA holds companies responsible for false claims, fake reviews ‘throughout supply chain’
Companies face large fines if they spread false marketing claims or fake reviews about their products and services—as well as those by suppliers—under a toughened competition regime in the U.K. aimed at enhancing consumer protection.
-
ArticleFTC warns VISA and other processors that company policies may lead to debanking
Visa, Mastercard, PayPal, and Stripe have received letters from the Federal Trade Commission, warning the companies to end any policies or terms of service that may result in the “debanking” of customers.
-
ArticleDOJ makes good on corporate-friendly enforcement policy with Balt resolution
The ink was barely dry on the U.S. Department of Justice’s new corporate enforcement policy (CEP) when the agency announced it would not prosecute Balt SAS for alleged bribery violations.