As digital mortgage technology helps consumers take a more hands-on approach to the mortgage process, lenders are stepping up their adoption of automation and machine learning through artificial intelligence capabilities.
Testing of the common securitization platform is taking longer than expected, but the Federal Housing Finance Agency said it won't delay the 2019 launch of Fannie Mae and Freddie Mac's new single "uniform mortgage-backed security."
Fannie Mae is staging more pilot projects with lenders and vendors, including one that consolidates submissions of different types of loan data potentially eligible for immediate representation and warranty relief.
Fannie Mae is authorizing additional suppliers of reports that can give lenders immediate representation and warranty relief on certain data, diversifying beyond an exclusive partnership with Equifax in one category.
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.