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CFPB notifies Nationstar Mortgage of possible enforcement action


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CFPB notifies Nationstar Mortgage of possible enforcement action

The Consumer Financial Protection Bureau has notified Nationstar Mortgage Holdings Inc. that it may consider an enforcement action against the company amid allegations that it violated a number of regulations, Nationstar Mortgage said in its 10-Q filing with the SEC.

Nationstar Mortgage is accused of violating the Real Estate Settlement Procedures Act, which regulates settlement costs in real estate transactions. It also allegedly violated the Consumer Financial Protection Act, which oversees laws governing financial transactions, as well as the Homeowners Protection Act, which allows homeowners to cancel private mortgage insurance coverage.

The notification allows the company to present its position to the bureau before any enforcement recommendation or action is taken. Nationstar Mortgage said it is cooperating with the CFPB.

The company said that losses may be incurred in connection with the possible enforcement action but it is "premature ... to estimate any potential financial impact."

The CFPB fined Nationstar Mortgage $1.8 million in 2017 for violations of the Home Mortgage Disclosure Act.