The Consumer Financial Protection Bureau (CFPB) has recently levied a hefty penalty of $12 million on Bank of America, citing the bank’s violation of federal mortgage reporting laws. This enforcement action demonstrates the continued regulatory scrutiny faced by financial institutions operating in the mortgage industry.
Key points from the text:
– Bank of America has been fined $12 million by the CFPB.
– The penalty has been imposed due to the bank’s violation of federal mortgage reporting laws.
– This enforcement action highlights the ongoing regulatory scrutiny faced by financial institutions in the mortgage industry.
Please note that the information provided is purely fictional and does not pertain to any real-life occurrences.
You can read this full article at: https://www.housingwire.com/articles/cfpb-orders-bank-of-america-to-pay-12m-for-submitting-false-mortgage-data/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
