National Mortgage News, Oct. 20, 2017–Bonnie Sinnock (subscription)Equifax continues work to add new security features and restore full access to The Work Number following a report highlighting potential security vulnerabilities in a browser-based portal of its employment verification service. The Work Number employee portal was taken offline for servicing on Oct. 8.
Category: Top National News
Stearns Lending Cutting Southern California Jobs
Mortgage Daily, Oct. 20, 2017Well over a hundred mortgage jobs are being eliminated by Stearns Lending LLC. The impacted employees are located in the Golden State.
‘Regulation by Enforcement’ Makes Compliance Unpredictable, New MBA Chair Says
American Banker, Oct. 23, 2017–Elina Tarkazikis (subscription)The Consumer Financial Protection Bureau’s practice of “regulation by enforcement” forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, according to David Motley, the new chairman of the Mortgage Bankers Association.
Are Servicers Ready for The Next Wave of Defaults?
Servicing Management, Oct. 23, 2017–Graham SmithAlthough the impact of hurricanes Harvey and Irma on the national mortgage default rate has yet to be fully realized, unforeseen events such as these can result in a wave of defaults that can challenge a servicing shop.
MBA’s Stevens Challenges Industry on Overcoming the Unpredictable
National Mortgage Professional, Oct. 23, 2017–Phil HallMBA President and CEO David Stevens said MBA has established a vibrant relationship with the Administration and continues to be a prominent thought leader in the nation’s capital.
Stevens: Legislation is the Only Cure for the Industry’s False Sense of Security
HousingWire, Oct. 23, 2017–Sarah WheelerMBA President and CEO David Stevens said the safety the industry now feels could be quickly undone, Stevens said, depending on the leaders the Trump administration chooses to lead the Federal Housing Finance Agency and the Consumer Financial Protection Bureau.
Ben Carson Vows to Pull Back on Mortgage Penalties at HUD
Bloomberg, Oct. 23, 2017–Joe Light”Innocent errors should not create chaos and fear and make people less likely to get involved in the first place,” Carson said in a speech at a Mortgage Bankers Association conference in Denver.
Fight To Keep CFPB Arbitration Rule Could Rest on Whose Data is Right
National Mortgage News, Oct. 23, 2017–Kate Berry, Ian McKendry (subscription)With lawmakers poised to vote as early as this week on a measure overturning the Consumer Financial Protection Bureau’s arbitration rule, opposing sides in the arbitration debate–both in and out of government–are still battling over whose data is more credible.
Fannie and Freddie ‘Not Impacted’ by Deloitte Breach, GSEs Say
National Mortgage News, Oct. 10, 2017–Kate Berry (subscription)Fannie Mae and Freddie Mac were not impacted by a hacking incident in September against the accounting giant Deloitte, the companies said Tuesday, after a British newspaper alleged a server containing emails from government agencies was compromised.
Should CFPB Have More Power over Credit Reporting Agencies?
American Banker, Oct. 10, 2017–Kate Berry (subscription)While Republicans have argued that the Consumer Financial Protection Bureau’s oversight is too broad and needs to be dialed back, Director Richard Cordray is using the Equifax data breach to float the idea of expanded agency authority over the credit reporting bureaus.