Industry Briefs March 8, 2024
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Ginne Mae Adopts Cybersecurity Incident Notification Requirement
Ginnie Mae released a memo March 4 announcing the implementation of new cybersecurity incident reporting requirements.
Issuers must notify Ginnie Mae of a cybersecurity incident within 48 hours of detection. Ginnie Mae has defined an incident as “any unauthorized access to, or use, disclosure, alteration, transfer, or destruction of, confidential information or non-public personal information (NPI) that may impact the Issuer’s ability to meet its obligations under the terms of the Guaranty Agreement.”
Issuers who subservice are required to notify Ginnie Mae whether the incident involved their own portfolio and/or one or more of their subserviced portfolios.
Ginnie Mae representatives will then contact the designated point of contact to obtain additional information and establish the level of engagement needed depending on the scope and nature of the incident.
For more information and resources regarding the new notification requirements, refer to APM 24-02.
Fannie Mae Provides Day 1 Certainty With New Enhancement
Fannie Mae announced new capabilities in its automated underwriting system to streamline the origination process for lenders and homebuyers.
Effective March 29, Fannie Mae single-family lenders can use a single 12-month asset verification report in the Desktop Underwriter validation service to identify recurring deposits in the applicant’s digital bank statement data to automatically validate income and employment, as well as assets, in one step. It also can be used to identify and consider the applicant’s positive rent payment and cash flow history, which may benefit more qualified borrowers who have limited or no credit history.
The new DU feature uses approved data from third-party vendors to validate assets, income and employment, and can provide a number of other benefits.
Mortgage Cadence Releases Version 4.0 of Its Platform, Partners With Talk’uments
Mortgage Cadence, Denver, an Accenture company, released version 4.0 of its Mortgage Cadence Platform loan origination system.
It launched MCP in 2021, with updates in 2022 and 2023. This new release allows lenders to choose whether to implement new updates immediately or later.
The new version also includes new functionality such as new document management and data extraction features, and updates to ensure compliance with the latest GSE requirements.
Additionally, Mortgage Cadence has partnered with Talk’uments, Chevy Chase, Md., to offer multi-language resources to users of the MCP system. Languages available include Spanish, Vietnamese, Korean and Mandarin, among others.
The technology will further enable users to better understand the key terms and features of their loans, including related costs, Loan Estimate (LE), Closing Disclosure (CD) and other TILA disclosures.
Premier Lending Adopts FICO Score 10 T
Premier Lending, Charlotte, N.C., announced it will become an early adopter of the FICO, Bozeman, Mont., Score 10 T.
The adoption will enhance its nonconforming loan origination efforts and acquisitions of mortgage whole loans.
Fico Score 10 T can provide greater precision in making lending decisions, and help lenders better manage credit risk and default rates when extending credit offers, among other benefits.
