CFPB fines Freedom Mortgage $1.75M for HMDA violations
The CFPB said Wednesday that the Mount Laurel, N.J., mortgage lender had agreed to pay a $1.75 million fine to settle allegations that it violated the Home Mortgage Disclosure Act. The CFPB found that, when mortgage applicants called Freedom to apply for a home loan but did not provide their race or ethnicity, more than 80 different loan officers in seven different call centers selected "non-Hispanic white."
CFPB fines Freedom Mortgage $1.75M for HMDA violations June 5, 2019 / in Uncategorized / by Lindsay The company intentionally submitted inaccurate borrower information overstating the number of white applicants, the consumer bureau alleges in a consent order.
The Consumer Financial Protection Bureau (CFPB) has issued warning letters to 44 mortgage lenders and mortgage brokers. The Bureau has information that appears to show they may be required to collect, record, and report data about their housing-related lending activity, and that they may be in violation of those requirements.
Still, the CFPB’s request for $280 million in penalties against CashCall was rejected; the CFPB could impose only a $10.2 million fine and zero in relief for. they commit a UDAAP violation," said. A fine of $1.75 million was assessed against Freedom Mortgage Corporation, one of the 10 largest home Mortgage Disclosure Act (hmda) reporters.
Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Common Stock, without par value 8.25% Non-Cumulative Preferred Stock,
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A fine of $1.75 million was assessed against Freedom Mortgage Corporation, one of the 10 largest home mortgage disclosure act (hmda) reporters nationwide, in connection with a settlement announced Wednesday by the Consumer Financial Protection Bureau (CFPB).
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CFPB fines Freedom Mortgage $1.75M for HMDA violations Dozens of loan officers at Freedom Mortgage intentionally submitted inaccurate borrower information that overstated the number of white applicants over a four-year period, the Consumer Financial Protection Bureau alleged in a consent order.
The CFPB issued a Consent Order to Freedom Mortgage Corporation ("Freedom") to resolve Freedom’s potential liability for law violations asserted by the Bureau of the Home Mortgage Disclosure Act and its implementing regulation, Regulation C (12 CFR part 1003).