Nationstar hit with CFPB penalty for alleged compliance failures

by Ryan Smith10 Mar 2017
Nationstar Mortgage is facing a fine from the Consumer Financial Protection Bureau for allegedly failing to comply with reporting requirements, the company has revealed.

In a filing with the Securities and Exchange Commission, Nationstar disclosed that it’s facing the penalty for failure to comply with the requirements of the Home Mortgage Disclosure Act, according to a HousingWire report. Nationstar said in the filing that it was “currently in negotiations with the CFPB” over the payment of the fine.

The HMDA requires financial institutions to collect data about housing-related lending activity. As part of the HDMA, companies must disclose information about purchase, refinance and home-improvement loans they originate or purchase, or applications they receive for those loans, HousingWire reported.

Nationstar’s SEC filing doesn’t contain any information about the nature of the company’s alleged compliance failures or the size of the fine, according to HousingWire. However, the filing said that the company “does not believe that resolution of this matter will have a material effect on the company’s results of operations or financial position.”

Related stories:
Servicing giant will have to face mortgage insurance lawsuit
Nationstar to create 600 jobs with new call center