The FHFA said it’s working with Fannie and Freddie to “develop processes to identify and align those enterprise programs, policies, and practices that could materially affect prepayments.”
Mick Mulvaney has been in charge of the CFPB all week and we’ve yet to hear one prediction that subprime mortgage lending will revive with a vengeance…
On a scale of one to five, the CFPB’s overall information security program is operating at a level-three (consistently implemented) maturity, with the agency performing several activities indicative of a higher maturity level, according to a recent report from the bureau’s Office of Inspector General. “For instance, the CFPB’s information security continuous monitoring process is effective and operating at level four, with the agency tracking and reporting on performance measures related to supporting activities,” the OIG said. “In addition, the CFPB employs network access controls to detect unauthorized hardware and has implemented automated patch management tools.” These areas are typically associated with a level-four maturity. The CFPB also could mature its information security program to make sure that it is ...
More Industry Advice for a Post-Cordray CFPB. Competitive Enterprise Institute financial policy expert John Berlau said last week, “Richard Cordray’s impending resignation as director of the CFPB is long overdue.... Growth of CFPB Leveling Off. The total number of employees at the CFPB came to 1,668 for fiscal year 2017, up 20 positions from the year before, according to the bureau’s latest financial statements for the last two years.... GAO Signs Off on CFPB Financial Statements. The Government Accountability Office audited the CFPB’s financial statements for fiscal years 2016 and 2017, and found they are “presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles.”...
Fannie Mae and Freddie Mac released a report this week on efforts to improve the origination of eMortgage transactions including more education and policy alignment on the topic. Those efforts have resulted in the growth of the number of warehouse banks that fund eNotes.The report was a follow-up to a joint industry outreach survey the GSEs conducted last year on perceived barriers to the industry adopting eMortgages. Stakeholder readiness and process complexity were found to be the most common barriers among the lenders, IT companies, warehouse banks, servicers and title/settlement providers surveyed. Survey participants said there was a lack of support for funding eNotes by warehouse banks, a source many mortgage lenders rely on.
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