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The reason is obvious: Mortgage servicers store vast amounts of sensitive data, including Social Security numbers and bank account data, along with borrowers’ addresses and property details.
In the U.S. the mortgage underwriting processing is done by a software called Automated Underwriting System (AUS). There are 2 AUS systems, and algorithms designed for this purpose, the first one Desktop Underwriting (DU) is designed by Fannie Mae and Loan Prospector (LP) by Freddie Mac.
Consumer loan underwriting includes the verification of such items as employment history, salary and financial statements; publicly available information, such as the borrower's credit history, which is detailed in a credit report; and the lender's evaluation of the borrower's credit needs and ability to pay. Examples include mortgage underwriting.
Mortgage underwriting is the process a lender uses to determine if the risk (especially the risk that the borrower will default [1]) of offering a mortgage loan to a ...
This led to the development of security requirements in the Cybersecurity Maturity Model Certification framework. In 2003 FISMA Project, Now the Risk Management Project, launched and published requirements such as FIPS 199 , FIPS 200, and NIST Special Publications 800–53 , 800–59, and 800–6.
Residential mortgage-backed security (RMBS) are a type of mortgage-backed security backed by residential real estate mortgages. [1]Bonds securitizing mortgages are usually treated as a separate class, making reference to the general package of financial agreements that typically represents cash yields that are paid to investors and that are supported by cash payments received from homeowners ...