Tags: Nationstar | Mortgage | Loan Reporting | Flaws | CFPB

Nationstar Mortgage to Pay $1.75 Mln Over Loan Reporting Flaws: CFPB

Image: Nationstar Mortgage to Pay $1.75 Mln Over Loan Reporting Flaws: CFPB
(Dollar Photo Club)

Thursday, 16 Mar 2017 06:52 AM

The U.S. Consumer Financial Protection Bureau said on Wednesday that it had ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for failing to report accurate mortgage transaction data from 2012 through 2014.

The agency said the penalty for Nationstar, a unit of Nationstar Mortgage Holdings Inc, was the largest to date over violations of the Home Mortgage Disclosure Act. The 1975 law requires lenders to collect and report mortgage data to federal agencies and the public.

The information is used for a variety of purposes, including helping regulators monitor and identify potentially discriminatory lending patterns.

The CFPB said the size of the fine was derived from factors including the lender's market size, history of repeat violations and the "substantial magnitude of its errors."

“Financial institutions that violate the law repeatedly and substantially are not making serious enough efforts to report accurate information,” CFPB Director Richard Cordray said in a statement.

Nationstar said in a statement that its settlement with the government "does not reflect any wrong-doing impacting customers or fair lending; but rather, technical data issues that we have worked tirelessly to resolve through significant investments."

The company said it regretted the errors but added that the data problems were "not reflective of our customer and compliance-driven business practices." 

© 2017 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
Companies
The U.S. Consumer Financial Protection Bureau said on Wednesday that it had ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for failing to report accurate mortgage transaction data from 2012 through 2014.
Nationstar, Mortgage, Loan Reporting, Flaws, CFPB
212
2017-52-16
Thursday, 16 Mar 2017 06:52 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved