Lessons From CFPB's Recent Actions For HMDA Violations

Law360, New York (October 30, 2013, 6:25 PM EDT) -- On Oct. 9, 2013, the Consumer Financial Protection Bureau reached consent orders with two companies, Mortgage Master Inc. and Washington Federal, encompassing payment of civil penalties for violations of the Home Mortgage Disclosure Act.

The two orders resulted from examinations conducted by the CFPB that uncovered “violations of law and deficiencies” in the HMDA compliance systems of each entity.[1]

Under HMDA, mortgage lenders that meet certain threshold conditions must collect loan-level data in order to fulfill federal reporting requirements. HMDA reporting covers home purchase loans, home...
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