CFPB Takes Action Against Inaccurate Mortgage Loan Reporting

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The CFPB has ordered Mortgage Master, Inc. and Washington Federal to pay civil penalties for violating the Home Mortgage Disclosure Act, or HMDA, which requires certain mortgage lenders to accurately collect and report data about home mortgage loans.

The CFPB also issued a bulletin that puts the industry on notice about the importance of accurate HMDA data and effective HMDA compliance management systems. The bulletin is meant to provide transparency into how the CFPB enforces HMDA.