Summer Regulatory Summit eBook

CONFIDENTIAL

FSOC Nonbank Mortgage Servicing Task Force Report

Report Recommendations: Agree with some, unsure about others

1. Promoting Safe and Sound Operations • Encourages all states to adopt Prudential Standards • Add recovery and resolution planning to Prudential Standards • Congress should provide FHFA and Ginnie with additional authorities to set S&S standards and examine nonbanks • Information sharing between the States and Ginnie 2. Addressing Liquidity Pressures in the Event of Stress • Congress should provide Ginnie authority to expand P-TAP • HUD should continue exploring and evaluating existing policy tools to relieve liquidity pressures in times of stress Ensuring Continuity of Servicing Operations • Congress should consider establishing an industry-funded liquidity facility for bankrupt nonbank mortgage firms (* Not a Formal Recommendation, but applicable: MISMO in early stages of developing a standardized servicing transfer dataset and process) 3.