CFPB Fires HMDA Warning Shots at 44 Lenders; Rates Recover Nominally But Stay Near 5-Month Highs

Consumer Financial Protection Bureau (CFPB) chief Richard Cordray announced on Thursday that his agency had issued warning letters regarding reporting under the Home Mortgage Disclosure Act (HMDA) to 44 financial institutions. The letters advised the companies, which included both mortgage lenders and mortgage brokers that they appear to be in violation of HMDA requirements. CFPB identified the 44 companies through a review of available bank and nonbank mortgage data. The letter reads in part, "While we have not made a determination that [Name of Company] is in violation of HMDA filing requirements, we urge you to review your practices to ensure that you comply with all relevant laws. You may find it helpful to review the text of HMDA, Regulation C, and CFPB guidance documents available on

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http://www.mortgagenewsdaily.com/reports/newsletter/2016/10/28/2467