News from the MBA, Including TRID Survey, OIG, CFPB, NAR, CUNA, PACE, and Several Other Acronyms

Posted To: Pipeline Press

Yes, IT systems have sailed through things like Y2K (remember that?) and the leap second on June 30 th . But there are bigger challenges. The Federal Financial Institutions Examination Council (FFIEC) has released a Cybersecurity Assessment Tool to aid institutions in identifying risks and assesses their cybersecurity preparedness. The self-assessment is divided into two parts: Inherent Risk Profile and Cybersecurity Mature. Information regarding the assessment tool can be found here . It’s a legal/regulatory/lender “whack-a-mole” out there. The latest is HUD’s OIG report against Nova Financial Investment . “NOVA Financial & Investment Corporation’s FHA-insured loans with down payment assistance gifts did not always meet HUD requirements.” The industry’s MBA has a new partnership with Fannie…(read more)

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Source: Mortgage News Daily

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