Freedom Mortgage settles with CFPB over race, ethnicity reporting

The Consumer Financial Protection Bureau on Wednesday announced it had settled a consent order with Freedom Mortgage Corporation over errors in reporting on mortgage transactions. The CFPB found that Freedom had violated the provisions of the Home Mortgage Disclosure Act by reporting inaccurate race, ethnicity and sex information "and that much of Freedom's loan officers' recording of this incorrect information was intentional." Freedom will pay a civil penalty of $1.75 million and "take steps to improve its compliance management to prevent future violations."

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.