CFPB Fines Mortgage Master, Washington Fed Over HMDA
October 21, 2013
The CFPB last week ordered Mortgage Master Inc. and Washington Federal to pay $425,000 and $34,000, respectively, in civil penalties for allegedly violating the Home Mortgage Disclosure Act, which requires certain mortgage lenders to accurately collect and report data about residential mortgages. In its HMDA reviews conducted at the two companies, the bureau said it found their compliance systems were inadequate and that they had severely compromised mortgage lending data. The CFPB said Mortgage Master had significant data...