Consumer Bureau Action Tracker

CFPB – Nationstar Mortgage LLC


State

Nationwide

target

Nationstar Mortgage LLC

Topics

Home Mortgage Disclosure Act (HMDA), Enforcement, Regulation C, Fair Lending, Data, Mortgages

In March 2017, the CFPB “announced it [was] fining Nationstar [Mortgage] $1.75 million for HMDA reporting violations.” The CFPB alleged that Nationstar “failed to maintain detailed HMDA data collection and validation procedures, and failed to implement adequate compliance procedures.” The fine was “the largest HMDA civil penalty ever imposed by the CFPB.”

  • In March 2017, “Nationstar Mortgage revealed that it faced a potential fine from the Consumer Financial Protection Bureau over the company’s alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act. And Wednesday, those HMDA chickens came home to roost. The CFPB announced Wednesday it is fining Nationstar $1.75 million for HMDA reporting violations. According to the CFPB, Nationstar’s $1.75 million fine is the largest HMDA civil penalty ever imposed by the CFPB. The CFPB also noted that Nationstar ‘failed to maintain detailed HMDA data collection and validation procedures, and failed to implement adequate compliance procedures.'” [Ben Lane, “CFPB officially hits Nationstar with $1.75 million fine for HMDA violations”, Housing Wire, 03/15/17]

 

Status

Inactive or Resolved


3/15/2017 3/15/2017

CFPB Takes Action Against Nationstar Mortgage for Flawed Mortgage Loan Reporting
http://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-nationstar-mortgage-flawed-mortgage-loan-reporting/

  • Consumer Financial Protection Bureau (CFPB)
  • Administrative filing
  • None
  • Nonbank
  • $1,750,000
  • Not Available

Close

Join The Fight!

We need your help to hold powerful special interests accountable and empower hardworking Americans. Join our fight today!