Owen Lee: Servicing Helps Keep American Dream Alive
(Owen Lee, by Anneliese Mahoney)
GRAPEVINE, Texas–“Thanks to your hard work, millions of people are safe in their dream of homeownership. Thanks to your hard work, millions of people who have fallen on hard times have found the flexibility to keep the dream alive,” said Owen Lee, 2026 Mortgage Bankers Association chair-elect and CEO of Success Mortgage Partners at the MBA Servicing Solutions Conference and Expo Feb. 17.
“Bottom line, thanks to you all, the American Dream is going strong,” Lee said.
And MBA understands how vital servicing is to the industry and the country, Lee said. He reviewed a number of wins for the servicing sector that MBA has helped push over the past year.
For one, the Homebuyers Privacy Protection Act–commonly referred to as the “trigger leads” law–which was a major advocacy issue for MBA over the past few years. Lee noted how the previous landscape for trigger leads led to mistrust in the industry and makes it harder for servicers to get in touch with borrowers offering real solutions or options.
The law goes into effect next month. “Trigger leads are finally banned, except for a few tailored groups–and servicers will have an explicit exemption in federal law,” Lee said. “This will help [in] preventing the runoff that hurts your businesses. And it will empower you to help even more borrowers.”
Another example Lee cited is the advocacy efforts on behalf of veterans, especially after the expiration of the partial claim options for VA loans and the VA Servicing Purchase Program. MBA has been working in regard to the VA Home Loan Program Reform Act, and efforts are ongoing, Lee said.
Lee also pointed to significant regulatory relief over the past year, beginning with the Consumer Financial Protection Bureau.
“MBA has been brutally honest with the new administration about the CFPB’s many flawed policies. We strongly support the White House’s effort to roll back the enforcement that did so much damage to our industry,” Lee said, noting that rulemaking and enforcement have moved to the state level, but MBA is keeping an eye on that too.
MBA has also been working with the administration on key issues, Lee said, pointing to another recent success: FHA’s recent updates to last summer’s guidance on the Claims Without Conveyance of Title program.
“The new policy provides you with the flexibility to determine your own best execution,” Lee said. “Most importantly, it no longer requires your companies to incur the costs of sending representatives to every foreclosure sale with cash on hand for the portion above total debt. This victory will aid in curtailing liquidity challenges at the worst possible times.”
Moreover, Lee said he’s optimistic about changes to home insurance requirements at the GSEs.
“This has been a major, major priority at MBA, because so many borrowers have struggled to find affordable insurance,” he said. “We’ve worked closely with the GSEs to pursue reform, and while the final details aren’t yet public, we’re confident that the final rule will be a big improvement.”
