The Consumer Financial Protection Bureau (CFPB) has recently ruled that Freedom Mortgage Corporation must pay a significant fine of $3.95 million for reportedly breaching a 2019 consent order as well as the Home Mortgage Disclosure Act (HMDA). This ruling serves as a reminder to mortgage industry players of the regulatory scrutiny surrounding compliance with federal laws and consent orders.
Key points:
– The CFPB has ordered Freedom Mortgage Corporation to pay $3.95 million for alleged violations
– The violations include breaches of a 2019 consent order and the Home Mortgage Disclosure Act (HMDA)
– This ruling highlights the importance of compliance with federal laws and consent orders in the mortgage industry
– Mortgage industry professionals should take heed of this decision and ensure strict adherence to regulatory requirements to avoid penalties and reputational damage.
You can read this full article at: https://www.housingwire.com/articles/cfpb-proposes-395-fine-for-freedom-mortgage-over-false-data-accusations/(subscription required)
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