The Mortgage Bankers Association on Friday filed an amicus brief in litigation in response to a statement of interest filed by the Consumer Financial Protection Bureau and Department of Justice examining the liability standard that would apply to lenders for the acts of independent, third-party appraisers.
Category: News and Trends
MBA Advocacy Update Apr. 24, 2023
Last week, more than 400 state/local leaders and rank-and-file MBA members assembled in Washington to meet elected officials and key congressional staffers on Capitol Hill.
MBA Chart of the Week Apr. 21, 2023–New Home Applications, Average Loan Size
This week’s MBA Chart of the Week delves into builder applications by loan size, to illustrate how the mix of the new home market has changed since 2014.
People in the News Apr. 25, 2023: CBC Mortgage Agency Adds Alicia Wood as Director of Servicing
CBC Mortgage Agency, Cedar City, Utah, hired Alicia Wood for the newly created position of director of servicing and asset management.
Quote: Apr. 25, 2023
“Higher interest rates and sharp downturns in homebuilding and existing home sales are driving our projections for sluggish remodeling activity next year. With ongoing uncertainty in financial markets and the threat of a recession, homeowners are increasingly likely to pare back or delay projects beyond necessary replacements and repairs.”
–Carlos Martín, Project Director of the Remodeling Futures Program with the Joint Center for Housing Studies at Harvard University, Cambridge, Mass.
Bob Caruso of ServiceMac LLC: Servicing Strategies in a Heightened Compliance Environment
Over the past two decades, regulatory and investor guidelines have become much more nuanced. In addition, maintaining on-going compliance to the rules and audit guidelines has been challenging given servicers’ day-to-day responsibilities. Servicers have had to become more agile and look for ways to update processes and implement changes quickly to reduce the risk of non-compliance.
To the Point with Bob: FHFA Needs a Better Plan on Loan-Level Pricing Fees
On March 15, the Federal Housing Finance Agency announced that it would postpone the implementation of loan-level pricing adjustment fees that would be based on a borrowers’ debt-to-income ratio in Fannie Mae and Freddie Mac’s single-family pricing grids until deliveries on or after August 1. The delay creates an opening for FHFA to get the policy right. The DTI-based LLPA is unworkable and should be replaced.
MBA Education Path to Diversity Scholar Profile: Ashley Puckett
Ashley Puckett is Senior Capital Markets Analyst with Vellum Mortgage, an independent mortgage bank in Fairfax, Va. She began in the industry in September 2011 as a Loan Processor. From there she moved into Post Closing for a few years, then in Secondary Marketing, “which I love.”
Jim Leath of Equifax Mortgage Services: The Return of the HELOC Market
Customers now expect more from their HELOC lenders and are requesting a more personalized experience with high-touch digital online channels and mobile app experiences. However, with uncertainty around interest rates and continued inflation, HELOC borrowers are more likely than ever to choose to tap into their equity to remodel or upgrade their existing home rather than purchase a new one.
MBA Amicus Brief: Lenders Not Liable for Actions of Independent Appraisers
The Mortgage Bankers Association on Friday filed an amicus brief in litigation in response to a statement of interest filed by the Consumer Financial Protection Bureau and Department of Justice examining the liability standard that would apply to lenders for the acts of independent, third-party appraisers.