Freddie Mac issued Bulletin 2018-23 (Bulletin), introducing automated income and asset assessment capabilities in Loan Product Advisor. Per the Bulletin, the automated income and asset assessment capabilities are designed to streamline the loan origination process, reduce origination costs and provide sellers with the opportunity for relief from enforcement of certain representations and warranties related to the borrower’s employed income and/or assets. To take advantage of these capabilities, the seller must obtain a verification report of the borrower’s income or asset information (as applicable) from one of the third-party service providers designated by Freddie Mac. Based on information submitted, Loan Product Advisor will retrieve the verification report, assess for representation and warranty relief eligibility and return the results of the assessment in the Feedback Certificate. The automated income assessment with Loan Product Advisor and automated asset assessment with Loan Product Advisor capabilities are effective for Loan Product Advisor submissions and resubmissions on and after December 9, 2018.
CFPB
CFPB Amends Fair Credit Reporting Act with respect to Medical Information
The CFPB adopted rules amending the Fair Credit Reporting Act (FCRA) with respect to medical information. Per the rule adoption, the CFPB removed an exception
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