CFPB hits two lenders with thousands in penalties over HMDA data

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Get started filing your HMDA data for 2018. Beginning with HMDA data collected in or after 2017, financial institutions will use the HMDA Platform to upload their loan/application registers (LARs), review edits, certify the accuracy and completeness of the data, and submit data for the filing year.

The consumer financial protection Bureau (CFPB) has issued warning letters to 44 mortgage lenders and mortgage brokers. The Bureau has information that appears to show they may be required to collect, record, and report data about their housing-related lending activity, and that they may be in violation of those requirements.

In a major win for the industry, the Consumer Financial Protection Bureau announced today that it will not assess penalties with respect to errors in Home Mortgage Disclosure Act data collected in 2018 and reported in 2019, and will not require banks to resubmit data for that period unless errors are found to be material.

CFPB. loans of more than 90 days duration to Rosneft, Novatek and two banks, including one tied to the gas monopoly Gazprom – will still hurt the Russian oil giant." Steven Mufson in The Washington.

The two firms entered into consent orders, agreeing to pay penalties while making adjustments to ensure compliance with the CFPB’s guidelines under HMDA. The penalties show not only the CFPB’s power, but the compliance areas it considers non-negotiable in the data collection process.

The Consumer Financial Protection Bureau fired a shot across the bow Wednesday, announcing thousands in penalties against two mortgage lenders for failing to accurately collect and report data on.

The Consumer Financial Protection Bureau said Thursday that it plans to reopen its rulemaking for the Home Mortgage Disclosure Act and will not assess penalties against mortgage lenders for any errors in data collected in 2018.. CFPB to reopen mortgage disclosure rule, will not penalize data.

United Wholesale Mortgage adds new ARM product United Wholesale Mortgage; This disambiguation page lists articles associated with the title UWM. If an internal link led you here, you may wish to change the link to point directly to the intended article..

For more reading on HMDA, see the first tuesday Realtipedia volume Agency, Fair Housing, Trust Funds, Ethics and Risk Management, Fair Housing Chapter 10: Home Mortgage Disclosure Act. Re: " CFPB hits two lenders with thousands in penalties over HMDA data ", from Housing Wire

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Nationstar Mortgage has been hit with a $1.75 million fine for violating the Home Mortgage Disclosure Act – the largest penalty ever for an HMDA violation. The Consumer Financial Protection.