Nationstar Issues Statement Regarding Decision to Resolve Matter with CFPB
16 March 2017 - 4:04AM
Business Wire
Nationstar Reinforces Significant Investments
in HMDA Processes and its Company-Wide Culture of Compliance
Nationstar Mortgage LLC announced today that it has
resolved an examination matter with the Consumer
Financial Protection Bureau (“CFPB”) concerning data reporting
under the Home Mortgage Disclosure Act (“HMDA”). The
settlement, which includes a payment of $1.75 million, stems from a
two-year-old review of Nationstar’s 2012-2014 HMDA data. The
settlement does not reflect any wrong-doing impacting customers or
fair lending; but rather, technical data issues that we have worked
tirelessly to resolve through significant investments.
Nationstar understands how accurate HMDA data is critical to
fair lending, and we regret the mistakes that led to the reporting
errors. These data issues are not reflective of our customer and
compliance-driven business practices, and we remain committed to
treating every applicant fairly and responsibly.
Over the past two years, Nationstar has proactively made
substantial investments in new staff, training and technology to
enhance all of our HMDA-related processes and controls. As
Nationstar made these sizable investments in enhancing our HMDA
processes, we provided the CFPB with frequent updates to reinforce
that our leadership takes regulatory compliance seriously.
Moving forward, Nationstar will continue to foster a culture of
compliance, ethics and innovation. As we continue on our journey to
reinvent the mortgage experience and keep the dream of
homeownership alive, nothing is more important than maintaining our
customers’ confidence and trust.
About Nationstar Mortgage Holdings Inc.
Based in Dallas, Texas, Nationstar provides quality servicing,
origination and transaction based services related principally to
single-family residences throughout the United States. Additional
corporate information is available in the Shareholder Relations
section of www.mynationstar.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170315006135/en/
Nationstar Mortgage LLCKelly Ann Doherty,
469-549-3196MediaRelations@nationstarmail.comorGreg Marose,
202-489-2375Gregory.Marose@edelman.com
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