Introduced when you look at the 1975, our home Home loan Disclosure Act (HMDA) requires mortgage brokers so you can statement facts about loan applications and you may originations for the CFPB or any other federal authorities

Arizona, D.C. – An individual Economic Safeguards Agency (CFPB) now purchased Financial away from The usa to expend a great $twelve billion punishment getting entry false financial financing pointers to your government around a lengthy-position federal laws. For at least several years, numerous Lender out of America mortgage officials don’t ask home loan individuals specific group questions as needed under federal legislation, following falsely reported that the brand new candidates got chose to not function. Underneath the CFPB’s buy, Financial of America need to pay $twelve mil on the CFPB’s victims rescue loans.

“Financial off America violated a federal laws you to definitely tens of thousands of mortgage lenders features consistently accompanied for a long time,” said CFPB Movie director Rohit Chopra. “It’s unlawful so you’re able to statement not the case guidance in order to federal government, and we will be delivering more procedures with the intention that Bank out-of The united states stops damaging the law.”

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