Who regulates Mortgage Asset Research Institute?
Mortgage Asset Research Institute operates under State (Virginia) and Federal laws. Mortgage Asset Research Institute operates a commercial (not consumer) database called MIDEX, which is not subject to the requirements of the Fair Credit Reporting Act (FCRA); however, Mortgage Asset Research Institute voluntarily follows many FCRA guidelines. The public information in MIDEX is obtained by Mortgage Asset Research Institute through various means such as Freedom of Information Act requests. The non-public reporting mechanism and policies were established, after extensive legal reviews, by a mortgage industry task force consisting of secondary market agencies, mortgage insurers and major lenders. In addition, MIDEX polices and procedures are reviewed by an industry oversight board consisting of representatives from major lenders and mortgage insurers.
