GSE officials suggested that a robust governance framework can help firms responsibly scale use of AI. Industry participants are also facing increasing risks from the technology.
The National Association of Insurance Commissioners is considering limiting its definition of residential mortgages and potentially requiring reporting of the characteristics of residential mortgages held by insurance companies.
Ginnie Mae is using its internal framework to evaluate potential use cases for AI, to avoid feeding data into a public model, according to its president, Joe Gormley.
The Mortgage Bankers Association fired back in defense of the FHA program and nonbank participants after an opinion piece in the Wall Street Journal suggested nonbanks engaged in risky underwriting under the government guarantee.
The Department of Veterans Affairs improperly credited an automated appraisal management service it contracted with for work that was done by government employees, according to the Government Accountability Office.
The Urban Institute recommended that FHA efficiently target a few key areas that have the greatest potential to help ensure the success of its small-dollar lending pilot.