Lending

Fannie Mae approves Day 1 Certainty for Blend’s end-to-end digital mortgage platform

Blend becomes first end-to-end platform to be approved for asset verification
Fannie Mae approved its first end-to-end digital mortgage platform for its Day 1 Certainty on Tuesday. Blend, a Silicon Valley technology company propelling the consumer lending industry into the digital age, announced it became the first end-to-end platform to be approved to provide asset verification reports for Fannie’s Desktop Underwriter.
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FirstClose and CRIF Lending Solutions debut new API

New API creates interface enabling lenders to process home equity loans from single software solution
A new API from FirstClose and CRIF Lending Solutions enables lenders to process home equity loans from a single software solution. With one press of a button, lenders now can launch FirstClose's web interface directly from CRIF's ACTion solution.
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Mulvaney unveils sweeping plan to dramatically alter CFPB

Mulvaney: We commit to the CFPB’s statutory responsibilities, but will go no further
Over the past few months, Mick Mulvaney has provided smaller indications about how much differently the Consumer Financial Protection Bureau will function under his leadership than it did under the bureau’s former director, Richard Cordray. But Monday, Mulvaney fully revealed his plan to dramatically alter how the CFPB operates.
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Trump budget proposes to reduce deficit by raising g-fees

Extends increase to 2023
President Donald Trump released his 2019 budget proposal which suggests taking revenue from Fannie Mae and Freddie Mac to lower the deficit. The spending plan released Monday asks Congress to raise the fees the mortgage guarantors charge to back payments on mortgage-backed securities.
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Equifax names new chief information security officer

Jamil Farschi to oversee information security for credit agency
Equifax has hired Jamil Farschi as the credit agency's new chief information security officer. Farschi is tasked with revamping Equifax's information security program following its massive 2017 data breach that saw the information of 145 million consumers exposed to hackers.
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CFPB funding slashed, enforcement authority reined in by Trump budget

More changes afoot for agency already in the crosshairs?
On Monday, the White House released its 2019 budget proposal, and for the second time, took dead aim at the CFPB. While the 2018 version proposed cutting the CFPB’s funding and bringing the agency’s funding under the congressional appropriations process to increase oversight, the 2019 version also calls for those measures but also goes much further to reshape the CFPB’s mission altogether.
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Thousands of mortgage lending jobs at risk as refis drop

Refinances prepare for lowest level since 2000
Thousands of lending jobs are now at risk as the number of refinances continue to fall, threatening to sink to their lowest level since 2000. One expert said overall mortgage originations could see a decrease of 15% to 20%, leading to a job loss of about 10% within the mortgage industry.
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Florida homebuilder Park Square Homes partners with FBC Mortgage to launch mortgage firm

PSH Mortgage will offer mortgages to Park Square homebuyers
For at least the third time in as many months, a homebuilder is partnering with a mortgage company to offer mortgage lending services to homebuyers. Florida’s Park Square Homes announced Monday that it is forming a joint venture with FBC Mortgage to provide mortgages to Park Square’s buyers.
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MQMR names Mitchell Nomura internal audit manager

Nomura will lead MQMR's team of internal auditors
Risk management and compliance services provider Mortgage Quality Management and Research has announced Mitchell Nomura has joined the company as its new internal audit manager. Nomura will lead MQMR’s team of internal auditors as they identify compliance and operational risks for mortgage lender clients.
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