- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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