Kelly Ann Doherty MediaRelations@nationstarmail.com
Greg Marose Gregory.Marose@edelman.com
Nationstar Issues Statement Regarding Decision to Resolve Matter with CFPB
Nationstar Reinforces Significant Investments in HMDA Processes and its Company-Wide Culture of Compliance
DALLAS, TX (March 15, 2017) – 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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