The CFPB Office of Inspector General recently initiated an evaluation of the bureau’s use of vendors to support its analysis of fair lending compliance, the OIG indicated in its latest work plan. The OIG begins by noting, among other responsibilities, the CFPB is charged with providing oversight and enforcement of federal laws intended to ensure the fair, equitable and nondiscriminatory access to credit. But what may surprise many in the industry is to learn that the agency relies on external vendors to help fulfill this responsibility. “Our objective is to assess whether the CFPB effectively mitigates the risk associated with the use of vendors to support fair lending analysis, particularly with respect to potential conflicts of interest,” said the OIG ...
A survey gauging lender satisfaction with their loan origination systems (LOS) has shown mixed, if not downright depressing, results, according to the Stratmor Group. Only 28 percent of the more than 250 lenders that responded to the 2016 survey reported they were “very satisfied” with their current LOS and have no plans to replace them. They were commenting on commercial off-the-shelf and proprietary loan origination systems, the scope of their functions and their track record of ...
The New York Department of Financial Services made some concessions to industry participants by revising proposed cybersecurity standards. Some mortgage-industry officials were happy with the revisions while reiterating concerns about the proposed standards. The NYDFS first proposed cybersecurity standards in September. The proposal was the first of its kind from a state regulator and more prescriptive than guidance from the Federal Financial Institutions Examination ...
AMC acquired Stewart’s residential due diligence and servicing functions, including credit, compliance, origination and servicing quality control reviews.
Lenders that deliver loans to agency buyers and non-agency buyers could benefit from standards developed by the Structured Finance Industry Group and the Mortgage Industry Standards Maintenance Organization. SFIG detailed the data standardization effort in a green paper released last week. The Wall Street group noted that a lack of accepted standards can lead to confusion and disagreement between counterparties and service providers, particularly when data are calculated or ...
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