CHLA challenges FHFA IG report on risk from smaller nonbank lenders

The Community Home Lenders Association today released a detailed report on Ginnie Mae, urging the agency not to over-react to concerns about financial risk in its supervision of issuers, particularly smaller, community-based IMBs. The Report deals with concerns CHLA first raised last month in Congressional testimony about reports of Ginnie Mae.

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CHLA challenges FHFA IG report on risk from smaller nonbank lenders ball Contents Nonbank mortgage companies Federal housing finance agency Va. apartment buyer. metlife month karen kapen Home lenders association (chla Giant.

The report also contains descriptions of several operational challenges presented to lenders in implementing eClosings: Limitations in technology platforms and concerns from compliance and legal departments lead to more lenders providing paper documents than anticipated.

Small Lenders Increased Selling Directly to GSEs a Double-Edged Sword. The Federal Housing Finance Agency’s Office of Inspector General (FHFA OIG) has released an evaluation of Fannie Mae’s and.

In its letter (attached), the CHLA acknowledged that it is appropriate for the FHFA to focus on issues such as counterparty risk, and agreed with the IG’s conclusions that the trend has been for the GSEs to buy more loans from small, nonbank lenders, and that there is some benefit from a risk diversification point of view.

Explosive growth of nonbank lenders comes with risks to GSEs. Their losses have turned into huge growth for nonbank and smaller lenders.. Elevated operational risks – According to the FHFA-OIG report, one Enterprise official told. resulting in potential quality control and fraud management problems.

The Federal Housing Finance Agency Office of Inspector General said in a report that the purchases from smaller lenders raises the exposure of the two companies. "Smaller and non-bank lenders may.

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