The Federal Housing Finance Agency announced today that it has entered into a formal agreement with the Conference of State Bank Supervisors to facilitate information sharing with respect to nonbank mortgage companies. The memorandum of understanding establishes information-sharing protocols between state financial regulators and FHFA, improving the ability to coordinate on market developments and identify and mitigate risks, the agency said in a statement.
State financial regulators are the primary regulators of nonbank mortgage companies. FHFA is the regulator and conservator of Fannie Mae and Freddie Mac. While each supervisory agency maintains specific authorities related to the mortgage industry, only state financial regulators have complete prudential authority over nonbank mortgage companies, FHFA said.
