The rapid advancement of artificial intelligence technology is raising both hopes and eyebrows across government and industry. Where industry players see tremendous potential benefits in productivity, convenience, and innovation, regulators are equally concerned with the potential risks and dangers AI technology may pose to consumers.
Category: News and Trends
Artificial Intelligence – Promise and Peril for Mortgage Lending: Sept. 21-22 in Washington, D.C.
Artificial Intelligence (AI) will fundamentally change the way we do business. But what exactly is AI, and what are these new tools like ChatGPT? What opportunities does AI present for lending? What are the risks to lenders, investors and consumers and how can the risks be properly identified and managed?
Thursday, Sept. 7: Recent LO Comp Enforcement and Supervisory Activity
The CFPB recently published its Summer 2023 Supervisory Highlights and there are potential significant changes to how the LO Comp rule is interpreted. Join MBA and industry experts as we walk through the current understanding of the LO Comp guidance and what it means for your policies and procedures.
MBA Advocacy Update Aug. 28: MBA Responds to Interagency Proposed Rule on AVM Quality Control Standards
This week’s top legislative and policy news from the Mortgage Bankers Association.
Quote: Aug. 29, 2023
“A historically tech-underinvested industry, mortgage servicing is shifting toward the cutting edge, delivering new solutions to improve effectiveness, decrease risk and drive a better experience for clients and their homeowners.
–Cenlar Chief Digital Officer Josh Reicher
MBA Chart of the Week Aug. 28: Mortgage Forbearance Rate and Reasons for Forbearance
According to the July results from MBA’s Monthly Loan Monitoring Survey, the total number of loans now in forbearance decreased by 5 basis points from 0.44% of servicers’ portfolio volume in the prior month to 0.39% as of July 31, 2023.
Annual Single-Family Rent Growth Slows Again in June, CoreLogic Reports
CoreLogic, Irvine, Calif., said annual single-family home rent growth eased for the fourteenth consecutive month in June.
WalletHub Ranks Real Estate Markets, With Strong Texas Showing
Personal finance site WalletHub, Miami, released a list of the best real estate markets in 2023, with five of the top 10 selections for “best place to buy a house” located in Texas.
Sept. 7: Recent LO Comp Enforcement and Supervisory Activity
The Consumer Financial Protection Bureau recently published its Summer 2023 Supervisory Highlights and maybe most importantly for mortgage lenders, there are potential significant changes to how the LO Comp rule is interpreted. Join MBA and industry experts as we walk through the current understanding of the LO Comp guidance and what it means for your policies and procedures.
Rhonda McGill of PerformLine: Top Compliance Challenges & Insights from Mortgage Professionals
Last week, I was joined by mortgage professionals for yet another compliance roundtable to discuss the most pressing issues facing the industry today.