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Friday, October 28, 2016

CFPB Warns Companies About Potential Mortgage Lending Reporting Failures

The CFPB has issued a warning letter to 44 mortgage lenders and mortgage brokers. The bureau, citing the Home Mortgage Disclosure Act, say the companies may be required to collect, record and report data about their housing-related lending activity, and that they may be in violation of those requirements. The CFPB identified the 44 companies by reviewing available bank and nonbank mortgage data.

The letters say that recipients should review their practices to ensure they comply with all relevant laws. The companies are encouraged to respond to the Bureau to advise if they have taken, or will take, steps to ensure compliance with the law. They can also tell the Bureau if they think the law does not apply to them. The CFPB, in sending these letters, made no determination that a legal violation did, in fact, occur.

Read a sample letter.

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