Financial regulators sent letters on Thursday to 44 mortgage lenders and mortgage brokers warning that they might be in violation of certain loan reporting requirements, The Hill reported on Friday. Under the Home Mortgage Disclosure Act, the Consumer Financial Protection Bureau (CFPB) said that financial institutions are required to collect data about their housing-related lending activity, including home purchase loans, home improvement loans, and refinancings that they originate or purchase, or for which they receive applications. The data must be made public through the federal agencies on an annual basis. The CFPB said it has identified 44 companies that might be in violation, but did not name the companies specifically. “Financial institutions that fail to report mortgage information as required make it harder to identify and address discriminatory lending,” CFPB Director Richard Cordray said.
