Regulation and Compliance

CFPB Fines Nationstar $1.75M on HMDA Compliance

Mar 15, 2017
The Consumer Financial Protection Bureau (CFPB) has levied a $1.75 million civil penalty against Coppell, Texas-based Nationstar Mortgage LLC

The Consumer Financial Protection Bureau (CFPB) has levied a $1.75 million civil penalty against Coppell, Texas-based Nationstar Mortgage LLC for allegedly violating the Home Mortgage Disclosure Act (HMDA) by “consistently failing to report accurate data about mortgage transactions for 2012 through 2014.”
 
The CFPB stated the penalty against Nationstar is the largest HMDA-related enforcement effort in its history. The agency added that Nationstar has been on notice since 2011 regarding its HMDA compliance problems.
 
“Financial institutions that violate the law repeatedly and substantially are not making serious enough efforts to report accurate information,” said CFPB Director Richard Cordray. “Today we are sending a strong reminder that HMDA serves important purposes for many stakeholders in the mortgage market, and those required to report this information must make more careful efforts to follow the law.” 
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Phil Hall
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Mar 15, 2017
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