CFPB fines Freedom Mortgage $1.75M for HMDA violations

Albany, N.Y.-based Homestead Funding Corp., a regional mortgage lender doing business mostly in the Northeast, is now using LenderLive Network Inc. as a subservicer for its residential loan portfolio..

Mortgage application volume increased 4.9% during the week ended Nov. 14, compared to the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey..

both in violation of the foreclosure rescue fraud prevention act. According to consumer complaints, Lincoln Lending advertised for mortgage foreclosure assistance and rescue services. The complaint.

The CFPB just issued a $1.75M fine for HMDA reporting issues, their largest-ever for this kind of violation. In this post, you’ll learn more about the fine and how to improve your HMDA compliance. Just yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it is fining Nationstar Mortgage, one of the largest mortgage lenders.

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New Jersey-based mortgage lender Freedom Mortgage Corp. will pay $1.75 million to the nation’s consumer protection watchdog after it intentionally reported inaccurate information about loan.

After rising 10.3% the week prior, mortgage application volume took a dive during the week ending June 13 – dropping 9.2% and essentially erasing the previous week’s gains, according to the Mortgage.

The damages assessed by the CFPB vary widely from case to case – the Bureau has issued fines ranging from $1 to over $2 billion to different companies in different circumstances. insideARM has tallied up the penalties and found that, to date, the CFPB has ordered over $5 billion in total penalties since opening for business.

Cordray: Bureau ‘still finding runarounds’. Under the Dodd-Frank Act, the CFPB has authority to supervise banks and credit unions with more than $10 billion in assets and certain nonbanks. The CFPB’s last report resulted in remediation of $19.4 million to more than 92,000 consumers, along with six mortgage origination violations.

Stonegate, Freedom, and NMI in the Stock Market; CFPB Penalizes Two Lenders on HMDA violations oct 10 2013, 5:46AM "Ladies, if your guy says that he is going to fix something, he means it.

Enforcement actions When we take an enforcement action against an entity or person we believe has violated the law, we will post court documents and other related materials here. The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding.

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