CFPB Fines Mortgage Providers Over Inaccurate Loan Data

Law360, New York (October 9, 2013, 3:06 PM EDT) -- The Consumer Financial Protection Bureau on Wednesday fined a Massachusetts-based mortgage provider and the savings and loan subsidiary of Washington Federal Inc. a total of $459,000 for failing to accurately collect and report data about home mortgage loans.

Mortgage Master Inc. was hit with $425,000 in civil penalties while Washington Federal will pay $34,000 for reporting erroneous information in violation of the Home Mortgage Disclosure Act, the CFPB said.

"When financial institutions report inaccurate information, it obstructs the purpose of the Home Mortgage Disclosure Act and...
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