A New Jersey-based mortgage lender will pay $1.75 million to settle Consumer Financial Protection Bureau claims that it submitted false information about the ethnicity and sex of thousands of loan applicants.
The CFPB alleges that between 2013 and 2016, Freedom Mortgage Corp. falsified the ethnicity of hundreds of applicants in regulatory submissions required by the Home Mortgage Disclosure Act. In addition, in instances where some applicants did not provide their sex, loan officers for the Mount Laurel, N.J.-based lender made a selection anyway.
“While the issue raised by the CFPB has resulted in no harm to our customers, Freedom Mortgages ...
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