Mortgage

Once again, the Consumer Financial Protection Bureau declined to discuss any of the findings from its TRID exams in the latest version of its Supervisory Highlights.

In 11 reports since the implementation of the TRID rule, only one has contained any guidance from supervisory findings around TRID – that coming in September 2017.

Instead, the latest version of the report – covering the period from April through August 2019 – tackled payday lending, debt collection, mortgage servicing and student loan servicing.

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In a move which the companies said expanded their partnership, Black Knight has bought servicing customer relationship management software which Quicken Loans had developed in-house.

The software source code provides a number of tools which will serve as the foundation for a highly advanced customer service solution that Black Knight will be offering to clients of its industry-leading MSP servicing system, the companies said.

Read on for more details about the expanded partnership.

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The strong housing market in 2019 lifted business for both Fannie Mae and Freddie Mac, the companies recently reported.

In calls with media, the CEOs from both companies discussed their positive finish to the year, as well as the work they are doing in digital transformations around the mortgage transaction.

Read on for details from the company’s reports.

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A new global report on the use of artificial intelligence (AI) in financial services found that not only is AI expanding in the kinds of operations institutions use and plan to use it for, but that more companies are expecting the technology to provide new revenue potential rather than simply cost savings and efficiencies.

“The overarching findings of the study suggest that AI is expected to transform a number of different paradigms within the financial services industry,” the report stated.

Read on for details from the report regarding the greatest potential for profit from AI, as well as top areas of concern in regulation.

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A group of financial services trade associations recently wrote federal regulators to comment on potential changes to the qualified residential mortgage (QRM) status.

The Dodd-Frank Act created QRM loans, which were intended to have standards for credit risk retention which originators must meet to have a loan earn QRM status and the safe harbor protections which go along with it.

Read on for details of the associations’ request to federal regulators.

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The Mortgage Bankers Association answered a request for information from the Department of Housing and Urban Development on eliminating regulatory barriers to affordable housing, saying the lack of affordable rental and ownership housing “has reached crisis proportions in many areas of the country.

“Absent thoughtful and coordinated policy interventions at multiple levels of government, this situation will only grow worse,” MBA cautioned.

Read on for more details on the ways in which MBA believes deregulation can best be done.

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A new report from Venminder details the state of third-party risk management, finding that little has changed in investment in third-party risk management, but that regulatory focus is on the rise.

Notably, it found that more companies are using a technology platform to help manage vendor management, but also that regulators are actively focused on exams in the space.

Read on for more details from the report.

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The potential advantages of using machine learning and automation are still being uncovered and some businesses are striving to see how far they can push the envelope to save time and money in the mortgage space, as well as other industries.

Dodd Frank Update spoke with Patrick Gluesing, president and chief operating officer at The StoneHill Group and John Martin, founder and CEO at BeyondRecognition, about  how they are using machine learning and automation to help companies keep up with the pace of constant change in the industry.

Read on for details from the interview.

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The need to protect the vast amounts of consumer information financial institutions collect on an annual basis has been more evident than ever in recent years. The fact that cybercriminals have become ever more sophisticated and efficient at hacking traditional data servers has led to the rise of new innovations to secure data storage.

Among the fastest growing innovations in data security is cloud-based storage technology, which many industry insiders swear by, including Blue Sage COO David Aach, former executive vice president at Docutech, who sat down with Dodd Frank Update to discuss the benefits of the technology.

Read on for details from the interview.

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A new agreement between the Consumer Financial Protection Bureau (CFPB) and the Department of Education is expected to smooth over differences between the agencies which have arisen over the past two years.

The agencies announced the signing of a Memorandum of Understanding to define primary roles in handling student loan servicing issues, with the Department of Education having primary responsibility over federal student loans and the CFPB handling the private student loan issues.

Read on for more details from the agreement.

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