Find out why a top-ten mortgage lender with a proprietary loan origination system (LOS) needed to convert from a legacy document platform.
In March of 2017, legal firm Buckley Sandler covered the CFPB’s record-breaking HMDA fine against a nonbank mortgage lender. The fine, which totaled $1.75 million, was levied because of what the Bureau alleged was “(i) a failure to ‘maintain detailed HMDA data collection and validation procedures’; (ii) a failure to ‘implement adequate compliance procedures’; and (iii) a failure to ‘consistently define data among its various lines of business,’ which resulted in data discrepancies.”
Read the full article from Buckley Sandler to learn more about the largest HMDA fine that the Bureau has ever levied against a nonbank mortgage lender.
Find out why a top-ten mortgage lender with a proprietary loan origination system (LOS) needed to convert from a legacy document platform.
Learn more about the Goals Module and its key monitoring and reporting features.
Learn about the changes of state consumer protection and the responsibility of financial services institutions to pursue operational excellence and a culture of compliance.