Mortgage data isn't secure: Here's why and how to fix it

The risk of a major attack is growing
The mortgage market suffers from a security dichotomy — haves vs. have-nots. The biggest players boast well-advanced security and large, dedicated security teams, while the smaller companies struggle. This means that the risk of a major attack is growing.
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Fitch Ratings to servicers: It’s imperative you maintain robust IT security

The standard for servicers rated by Fitch
The massive amount of data and money that passes through the mortgage finance industry makes it extremely susceptible to attacks from hackers. Plus, it’s not a matter of if it will happen; it’s already going on, and the threat of cyberattacks is only increasing. Fitch Ratings is making sure it is staying in front of the problem and is stressing the importance of a robust information technology for servicers.
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Freddie Mac selling off $292 million in previously modified loans

Re-performing loans will be re-securitized by Freddie Mac
Freddie Mac announced Thursday that it intends to sell off approximately $292 million in previously modified loans from its investment portfolio. According to details provided by the government-sponsored enterprise, the pool of loans consists of loans with step-rate modifications and loans modified under GSE proprietary modifications.
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Treasury Secretary Mnuchin: Expect GSEs to continue paying dividend

Says second half of the year will focus on GSE reform
Treasury Secretary Steven Mnuchin addressed the Senate Committee on Banking, Housing and Urban Affairs on the future of housing reform. He explained while tax reform has taken up most of his time until this point, the second half of the year will see a higher focus on GSE reform. And what about the FHFA director’s proposal to suspend the dividends? Mnuchin said that’s a no-go.
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Freddie Mac: Mortgage rate decrease expected to continue

Next week could show more substantial declines
Mortgage rates saw a slight dip this week, hovering just above the 4% market. However, the decrease is not over yet, and will continue into next week after the Wednesday’s sell-off. The recent turmoil in the Capitol sent the 10-year Treasury tumbling, and mortgage rates will likely soon follow.
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Long Island community with Nazi-linked past ordered to end housing discrimination

New York AG claims that community only allowed whites of German heritage
A Long Island community with a history of connections to the Nazi Party must end its practice of only allowing whites of German heritage to buy a home in the area, the New York Attorney General declared on Wednesday. Here are the details on the German American Settlement League, a community in Yaphank, New York.
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[Video] SoFi CEO on growing appeal of the fintech model

A billion-dollar disruptor?
SoFi managed to be one of only two housing finance-related companies on CNBC’s fifth annual Disrupter 50 list. CNBC described its list as forward-thinking start-ups that have identified unexploited niches in the marketplace and have the potential to become billion-dollar businesses. Here’s how SoFi CEO Mike Cagney describes what’s made SoFi successful.
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