CFPB fines Freedom Mortgage $1.75M for HMDA violations

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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."

Freedom Mortgage will pay a $1.75 million fine and must take steps to improve its compliance in order to settle allegations by the Consumer Financial Protection Bureau (CFPB) that the lender – one of the largest in the country – violated the Home Mortgage Disclosure Act (HMDA) and Regulation C, which implements that Act.

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.

As a result, Freedom Mortgage has to pay the $1.75 million fine, and according to the CFPB “take steps to improve its compliance management to prevent future violations.” Email Jim Dalrymple.

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This biweekly keeps executives on top of the onslaught of new legal and regulatory issues the industry has been seeing. Covers fair lending, consumer protection, RESPA, TILA, HMDA, and relevant lawsuits. Provides news, analysis and tips to help your company understand CFPB’s demands and stay in compliance.

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. launched a new mortgage performance tool that tracks delinquencies on mortgage loans down to the county level. The online tool features interactive charts and graphs, the CFPB said. “Measuring the.

CFPB fines Freedom Mortgage $1.75M for HMDA violations 06/05/19 The company intentionally submitted inaccurate borrower information overstating the number of white applicants, the consumer bureau alleges in a consent order.

She also was instrumental in the creation of the CFPB’s mortgage servicing rule. laurie Maggiano during an August 2016 appearance at an Urban Institute panel on mortgage servicing. CSPAN "During what.