Nationstar Mortgage - HMDA Penalty

Posted By: Anonymous

Nationstar Mortgage - HMDA Penalty - 03/20/17 03:29 PM

Can someone please clarify what the CFPB means by the following quote:

It also produced discrepancies by failing to consistently define data among its various lines of business...

Thanks
Posted By: Anonymous

Re: Nationstar Mortgage - HMDA Penalty - 03/20/17 03:30 PM

It's from here:

http://www.infozine.com/news/stories/op/storiesView/sid/66265/
Posted By: Amandak

Re: Nationstar Mortgage - HMDA Penalty - 03/20/17 04:55 PM

Originally Posted By Anonymous
Can someone please clarify what the CFPB means by the following quote:

It also produced discrepancies by failing to consistently define data among its various lines of business...

Thanks


It could be something like they did not have a consistent practice for a field. Take the date action taken field we consistently use the date funds were disbursed but some banks may use date the loan closed. Which ever you use you need to be consistent.
Posted By: JC (Darth HMDA)

Re: Nationstar Mortgage - HMDA Penalty - 03/20/17 06:35 PM

That's my guess as well - different areas handled the grey areas differently (which is ok across lines of business so long as they are well documented in procedures).