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CFPB Takes Action Against Nonbank and Bank for Inaccurate Mortgage Loan Reporting

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Bureau Puts Mortgage Lenders on Notice about Integrity of Mortgage Information

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) ordered Mortgage Master, Inc. and Washington Federal to pay civil penalties for violating the Home Mortgage Disclosure Act (HMDA), which requires certain mortgage lenders to accurately collect and report data about home mortgage loans. Mortgage Master will pay $425,000 and Washington Federal will pay $34,000 in civil penalties. The CFPB is also releasing a bulletin today that puts mortgage lenders on notice about the importance of submitting correct mortgage loan information under HMDA. Read the rest of the story >>