In October 2013, the CFPB issued a consent order to Mortgage Master and Washington Federal for making “significant errors” in their loan applications. Mortgage Master was fined $425,000 for making “significant data errors in more than 21,000 mortgage applications in 2011.î While Washington Federal was fined $34,000 for making “significant data errors” in 5,785 loan applications in 2011. Both institutions allegedly violated the Home Mortgage Disclosure Act (HDMA), and had “to correct and resubmit its 2011 HDMA filings and develop its own HDMA management plan.”

• In October 2013, the CFPB issued a consent order to Mortgage Master, Inc. [CFPB file no. 2013-CFPB-0006 (Mortgage Master, Inc.), filed 10/09/13]

• That same month, the CFPB also issued a consent order to Washington Federal. [CFPB file no. 2013-CFPB-0005 (Washington Federal), filed 10/09/13]

• The CFPB ordered Mortgage Master, Inc., Massachusetts’s largest mortgage originator, to pay a $425,000 fine for “making ‘significant errors’ on home-loan applications.” The CFPB and state regulators found that Mortgage Master “made ‘significant data errors’ in more than 21,000 mortgage applications in 2011.” The Bureau claimed Mortgage Master violated the Home Mortgage Disclosure Act (HDMA) and in addition to the fine, Mortgage Master had “to correct and resubmit its 2011 HDMA filings and develop its own HDMA management plan.” [Matthew L. Brown, “Mortgage Master hit with $425K fine for ‘significant errors,'” Boston Business Journal, 10/09/13]

• “Federal law requires the filing of loan related data to help determine whether financial institutions are adequately serving their communities.” [Chris Reidy, “Mortgage lender fined by state,” The Boston Globe, 10/10/13]

• In a similar case, the CFPB ordered Washington Federal, a Washington financial institution, to pay a $34,000 civil money penalty for making “‘significant data errors’ in the 5,785 loan applications it reported in 2011.” The CFPB claimed Washington Federal violated the Home Mortgage Disclosure Act (HDMA). In addition to the fine, Washington Federal had to “correct and resubmit its 2011 HDMA data and develop and implement an effective HDMA compliance management system to prevent future violations.” [“CFPB Hands Out $459K in Penalties for HDMA Violations,” Mortgage Daily, 10/09/13]