Julie McCurley, director of servicing at Mortgage Quality Management & Research, noted that subservicers typically review 10% of their entire portfolio, which consists of loans from multiple clients, providing a low probability for one client’s loans to be reviewed in a subservicer’s audit cycle.
The MBA cautioned that a ruling by the Fourth Circuit against PHH Mortgage departed from standard practices and could have wide-ranging harmful impacts for lenders.
Congress must examine AI carefully, to determine “whether AI is extending and reinforcing biases, and how it has the potential to correct them,” according to Sen. Tina Smith, D-MN.