The CFPB recently filed a lawsuit against Freedom Mortgage for violations of the Home Mortgage Disclosure Act (HMDA) and a related consent order. The HMDA requires mortgage lenders to accurately inform borrowers about loan terms before lake application and to report certain key information to the CFPB and to make that information publicly available.
This lawsuit alleges that Freedom Mortgage did not provide accurate information to borrowers and that they failed to properly report key information to the CFPB. Specifically, Freedom Mortgage allegedly provided inaccurate APR information to borrowers and failed to disclose the fact that certain loan products carried an additional fee. Freedom Mortgage also allegedly failed to submit the necessary loan information to the CFPB as required under the HMDA.
The most important elements of the text include:
• The CFPB recently filed a lawsuit against Freedom Mortgage
• Alleged violations of the Home Mortgage Disclosure Act (HMDA) and related consent order
• Failed to provide accurate information to borrowers including APR and fee information
• Failed to submit loan information to the CFPB as required
You can read this full article at: https://www.housingwire.com/articles/cfpb-sues-freedom-for-providing-false-information/(subscription required)
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