CFPB hits two lenders with thousands in penalties over HMDA data

After the passage of the Dodd-Frank Act in 2010, the CFPB took over authority for HMDA data. Lenders are required by law to collect and report mortgage information to financial regulators that publicize the aggregate data annually. The CFPB assessed $459,000 in penalties against the two nonbank mortgage lenders.

Penalties for Violations of HMDA Civil monetary penalties can result from the failure to report data, failure to report data in a timely manner, and failure to report data accurately. The regulatory agencies that monitor compliance use a penalty matrix and consider factors such as good faith, previous violations and financial resources of the.

We want to hear your story Two mortgage lenders must pay a combined $459,000 in civil penalties for what the consumer financial protection bureau (CFPB) says are violations of the Home Mortgage Disclosure Act (HMDA).

"For HMDA data collected in 2018 and reported in 2019, the bureau does not intend to require financial institutions to resubmit data unless data errors are material, or to pay penalties with respect to data errors," the CFPB said.

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and other lenders to report information about the home loans that they decision, originate, or purchase. According to the CFPB, as of 2012, about 7,400 financial institutions reported HMDA data relating to about 18.7 million loans. In 2010, the dodd-frank act directed the CFPB to expand HMDA data reporting to include additional information.

A GUIDE TO. HMDA Reporting . Getting It Right! Edition effective January 1, 2013 (for HMDA submissions due March 1, 2014 or later) This edition of the Guide is the comprehensive edition for use with 2013 calendar year data (due March 1, 2014). Appendices include the Consumer Financial Protection Bureau’s Regulation C (Home Mortgage Disclosure.

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CFPB hits two lenders with thousands in penalties over HMDA data CFPB’s Latest ($18M) Casualty – "These disparities mean that thousands of African-American borrowers paid higher markups than the average non-hispanic white markup and were obligated to pay, on average, over $200. hard.

CFPB hits two lenders with thousands in penalties over HMDA data CFPB Levies HMDA Penalty Against Nationstar Mortgage for HMDA. – CFPB Levies HMDA Penalty Against Nationstar Mortgage for HMDA Violations. Now is the time for credit unions and business partners to shore up compliance before the new hmda rule takes effect next year.

Nationstar Mortgage has been hit with a $1.75 million fine for violating the Home Mortgage Disclosure Act – the largest penalty ever for an HMDA violation. The Consumer Financial Protection.