Fannie Mae and Freddie Mac are moving forward slowly on the common securitization platform even after the Federal Housing Finance Agency recently narrowed the project, according to an agency official. Bob Ryan, a special advisor to the FHFA, told attendees at last week’s Mortgage Bankers Association Secondary Market Conference that the development of a common GSE securitization platform would take several years. The Finance Agency’s 2014 strategic plan for the GSEs includes clarifying the scope of the CSP project, which has been in the works for over a year.
Industry trade groups are calling on the Federal Housing Finance Agency and the Consumer Financial Protection Bureau to be more transparent about how they plan to use the information the agencies want to collect to build the National Mortgage Database. Earlier this year, the FHFA announced it will begin to collect additional, more specific and personal information on borrowers and loans as part of the National Mortgage Database project the agency launched with the CFPB in 2012. An FHFA announcement in the Federal Register noted that under a “revised system of records,” the database will begin collecting demographic and personal contact info for borrowers and their households, as well as loan-level data on mortgage performance.
As reported by IMFnews, the FHFA has yet to appoint a permanent chief executive and chairman for the CSP, formally known as Common Securitization Solutions.
If the mortgage industry can ever get around to actually adopting eMortgages from stem to stern, it could save $1 billion annually, according to an “Advancing eMortgages” team at Fannie Mae, a squad given the mission of improving the mortgage process, including getting more elements of it done online. “In addition to improving the customer experience, the team estimates that an electronic mortgage process could shave 30 days off of the average 52 days it takes…
The Federal Housing Finance Agency will begin to collect additional, more specific personal information on borrowers and loans as part of the National Mortgage Database project the agency is developing in concert with the Consumer Financial Protection Bureau. An FHFA announcement and request for comment published in the April 28 Federal Register notes that under a “revised system of records,” the database will begin collecting demographic and personal contact info for borrowers and their households, as well as loan-level data on mortgage performance.
Officials at the Federal Housing Finance Agency, Fannie Mae and Freddie Mac enthusiastically jumped on board a high-profile effort begun by the Consumer Financial Protection Bureau last week to promote eClosings as a way to reduce or eliminate many of the “pain points” associated with the mortgage closing process. At a public forum at its headquarters in Washington, DC, the CFPB announced it would launch a new, voluntary pilot project later this year that supporters hope will re-invigorate government housing agency officials, mortgage bankers and industry technology representatives and take their previous efforts related to eMortgages to a much higher level.
Technology vendor Ellie Mae will not compensate its mortgage customers for the recent shutdown of its loan origination software platform, which delayed closings nationwide, according to customers affected by the situation. But that doesn't mean the problem won’t cost Ellie Mae any money. During an earnings call this week, company executives said the firm will accelerate spending on technology upgrades, estimating that its total capital expenditures this year will range between ...
As previously reported by Inside Mortgage Trends, the Consumer Financial Protection Bureau did in fact announce plans last week to roll out a voluntary eClosing pilot project later this year – along with guidelines that lay out the minimum functions required of participants as well as the features the CFPB wants to test in the pilot. To join the bureau’s pilot on electronic closings, each participant must have a system that meets minimal technical capabilities and requirements ...
Mortgage industry participants should expect the Consumer Financial Protection Bureau to cast both a wider and deeper dragnet of Home Mortgage Disclosure Act data compared to the Federal Reserve’s oversight of the nearly 40-year-old law, according to CoreLogic. A new CoreLogic report forecasts a more muscular collection of industry information following the Dodd-Frank Act’s transfer of HMDA supervision and enforcement from the Fed to the bureau, including a significant shift in ...
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