Bank of America Fined $12 Million for Mortgage Data Misreporting

30 Nov 2023 CW Team

Bank of America is set to pay a $12 million fine in response to allegations of misreporting mortgage data. The penalty, imposed by regulatory authorities, highlights the importance of accurate and transparent reporting in the financial industry.

The fine stems from instances where Bank of America inaccurately reported data related to mortgage transactions. Regulatory bodies have identified these discrepancies and have taken enforcement action, emphasizing the need for financial institutions to maintain the highest standards of data accuracy and integrity.

The $12 million penalty underscores the consequences that financial institutions may face for non-compliance with reporting regulations. It serves as a reminder of the regulatory scrutiny applied to the mortgage sector and the broader financial industry, reinforcing the importance of adhering to stringent reporting standards.

Bank of America's response to the fine will likely involve corrective measures to address the reporting inaccuracies and prevent similar issues in the future. The incident highlights the ongoing efforts by regulatory authorities to uphold the integrity of financial data and ensure transparency within the mortgage market.

As Bank of America navigates the consequences of the $12 million fine, the financial industry is reminded of the imperative to prioritize accurate reporting practices. The incident contributes to the broader discourse on regulatory oversight and the role of financial institutions in maintaining the reliability and credibility of data in the mortgage and banking sectors.

Technology

28 Oct 2025

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..