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.
Lenders and servicers continue to shift critical functions to third party service providers in order to lower costs and focus on core competencies. However, effectively managing third party service providers can be very challenging from a compliance, operational and technological perspective. While this has always been the case, it is about to become more important as federal regulators have indicated that they are going to increase their supervision of service providers.
Recently exposed security vulnerabilities in an Equifax tool used extensively in the mortgage industry are raising new questions about the reliability and veracity of the beleaguered credit bureau's employment verification service.
Quicken Loans Mortgage Services and Calyx Software developed a version of the Point loan origination system that's preconfigured with tools for small mortgage firms to work with the Detroit lender's TPO division.
Fannie Mae and Freddie Mac were not affected by a hacking incident against the accounting giant Deloitte, the companies said Tuesday, after a British newspaper alleged a server containing emails from government agencies was compromised.
The Consumer Financial Protection Bureau said Wednesday that it would give mortgage servicers more time to notify distressed borrowers who have asked not to be contacted about the collection of their debts.