At the MBA tech show, Fiserv noted that both its easyLENDER and UniFi PRO loan origination systems have received certification for credit reporting and mortgage insurance application through the MXCompliance service, an eXtensible Markup Language-based compliance process developed by MISMO.MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association, develops mortgage data-exchange and file-specification standards for lenders and mortgage technology providers. This move signals that Fiserv, one of the largest technology vendors in the mortgage space, is making efforts to endorse industry standards within their products to make it easier for users to integrate with other products and services. Other MISMO certifications are forthcoming including automated underwriting and e-mortgage certifications.
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There's broad support for the effort to reduce costs and processes, but the Appraisal Institute warns about reducing property valuation quality control checks.
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Foundation had introduced Version 3 of its credit risk model, using the most recent delinquency data, to improve loan performance predictions.
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Fannie Mae's conservator is supporting the government-sponsored enterprise's test within certain boundaries, according to a recent social media post.
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The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic."
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The bureau said the move is intended to remove potentially confusing language with an upcoming revision to the Equal Credit Opportunity Act.
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