CFPB Issues Penalty for HMDA Violations
The Consumer Financial Protection Bureau (CFPB) issued a $1.75 million civil money penalty against Nationstar Mortgage LLC (Nationstar) for Home Mortgage Disclosure Act (HMDA) violations. Nationstar failed to report accurate HMDA data in 2012, 2013 and 2014. The $1.75 million dollar penalty is the largest HMDA penalty ever issued by the CFPB. Nationstar is one of the largest mortgage lenders in the country with almost 3 million customers. In addition to the civil money penalty, Nationstar must go back and fix the HMDA errors and also develop and implement an effective HMDA compliance management system.