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Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

Nationstar Hit With Small HMDA-Related Fine

HMDA reporting violations at issue

March 15, 2017

By Mortgage Daily staff

Nationstar Mortgage LLC has been hit with a civil penalty, though the amount of the fine is minimal. The penalty is tied to noncompliance with the Home Mortgage Disclosure Act.

In a previous filing with the Securities and Exchange Commission, Nationstar Mortgage Holdings Inc. revealed it was in negotiations with the Consumer Financial Protection Bureau.

The Coppell, Texas-based firm said that it was negotiating a civil money penalty over the CFPB's allegations that Nationstar had failed to comply with HMDA reporting requirements.

On Wednesday, the CFPB announced that a consent order was reached with Nationstar.

According to the bureau, the mortgage banker violated HMDA by consistently failing to report accurate data about mortgage transactions that took place from 2012 through 2014.

It utilized a flawed compliance system that generated mortgage lending data with significant, preventable errors, the regulator claims.

Nationstar has reportedly been on notice about the flaws since 2011.

As part of the agreement, Nationstar will will pay a $1.75 million civil penalty," the largest HMDA civil penalty imposed by the bureau to date." It will also fix HMDA reporting inaccuracies and develop and implement an effective compliance management system.

The CFPB's news release noted that Nationstar has nearly 3 million customers.

"According to 2014 data, Nationstar was the ninth-largest HMDA reporter by total mortgage originations, the sixth largest by applications received, and the 13th largest by money lent," today's news release stated. "From 2010 to 2014, Nationstar's number of HMDA mortgage loans increased by nearly 900 percent."

The CFPB noted that Nationstar has been taking further steps to improve its HMDA compliance management system and increase the accuracy of its HMDA reporting since being examined by the bureau.

Nationstar Negotiating Settlement With CFPB (March 10)
The parent of Nationstar Mortgage LLC is in the middle of negotiating a settlement with the Consumer Financial Protection Bureau.

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