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.

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 ...

Originally, the technology vendor blamed the shutdown on a cyber-attack by hackers, but then a few weeks later ruled out that explanation.

If you thought the CFPB was finished with the mortgage closing process when it issued its integrated disclosure rulemaking under the Real Estate Settlement Procedures Act and the Truth in Lending Act, think again. The bureau also sought public input on the “pain points” associated with getting a new mortgage, and based on the comments received to date, the agency has identified 1,480 such spots, according to Brian Webster, the originations program manager for mortgage markets at the CFPB.So last week, in a high profile public forum attended by officials of other housing-related federal agencies as well as industry representatives and consumer advocates, the bureau announced it would roll out later this year a voluntary, three-month e-Closing pilot project...

As part of the CFPB’s public forum last week during which the agency announced its forthcoming eClosing pilot project, the bureau also issued guidelines that articulate the minimum functionalities required of potential participants and spell out the features the CFPB wants to test in the pilot. To join the bureau’s pilot on electronic closings, each participant must currently have a system that meets minimal technical capabilities and requirements, as demonstrated by specific features and functionalities. “The CFPB created these minimum requirements to ensure that the pilot program is focused on the specific features and consumer outcomes that the bureau is seeking to evaluate,” the agency said.First, a pilot participant must have an eClosing solution with the ability to store...