Nationstar Mortgage is facing a fine from the Consumer Financial Protection Bureau over the nonbank’s alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act, the company revealed Thursday.
Nationstar disclosed the potential fine in its 10-K filing with the Securities and Exchange Commission.
In the filing, Nationstar said it is “currently in negotiations with the CFPB regarding the payment of civil monetary penalties for the alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act.”
The Home Mortgage Disclosure Act, referred to as HMDA, was originally enacted in 1975 and requires many financial institutions to collect data about each company’s housing-related lending activity.
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