Bank accused of failing to ask required questions to mortgage applicants
- Bank of America fined $12 million by CFPB over mortgage data reporting
- Bank accused of failing to ask required questions to mortgage applicants
- Loan officers incorrectly reported that applicants had opted not to respond
- U.S. Consumer Financial Protection Bureau takes action against the bank
The U.S. Consumer Financial Protection Bureau has fined Bank of America $12 million for allegedly submitting inaccurate mortgage lending information to the federal government. The bank’s loan officers failed in some instances to ask mortgage applicants certain federally required demographic questions, including about race, ethnicity, and sex. Instead of reporting that the applicants had not responded to those questions, the bank incorrectly reported that they had opted not to respond. This action by the CFPB highlights the importance of accurate and complete reporting in the mortgage industry.
Factuality Level: 8
Factuality Justification: The article provides specific information about the fine imposed on Bank of America by the U.S. Consumer Financial Protection Bureau for allegedly submitting inaccurate mortgage lending information to the federal government. It also mentions the reason for the fine, which is the bank’s failure to ask certain federally required demographic questions to mortgage applicants and incorrectly reporting their responses. The information provided is clear and specific, without any digressions or unnecessary details. However, more context and background information could have been provided to give a better understanding of the situation.
Noise Level: 7
Noise Justification: The article provides some relevant information about the fine imposed on Bank of America by the U.S. Consumer Financial Protection Bureau. However, it lacks in-depth analysis, scientific rigor, and evidence to support its claims. The article also does not provide any actionable insights or solutions. Additionally, it does not explore the consequences of the inaccurate mortgage lending information on those who bear the risks. Overall, the article contains some noise and lacks depth.
Financial Relevance: Yes
Financial Markets Impacted: Bank of America
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to financial topics as it discusses a fine imposed on Bank of America by the U.S. Consumer Financial Protection Bureau for allegedly submitting inaccurate mortgage lending information to the federal government.
Public Companies: Bank of America (BAC)
Key People:
Reported publicly:
www.wsj.com 
