(The following are remarks by Mortgage Bankers Association President & CEO Robert Broeksmit, CMB, during the MBA Virtual 2020 Convention & Expo on Monday, Oct. 19.)
Susan Stewart has worked in mortgage banking since she was 24. She has grown SWBC Mortgage, San Antonio, Texas, from a small regional bank with three employees in 1989 to a full-service origination-to-servicing organization with 70 branches serving 43 states with 680 employees. And yesterday, she became Chair of the Mortgage Bankers Association—another full-time job in itself, but one she relishes as the real estate finance industry—and the country—deal with a remarkable period in history.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 40 basis points to 5.92% of servicers’ portfolio volume as of October 11, from 6.32% the prior week. MBA now estimates 3.0 million homeowners are in forbearance plans.
Federal Housing Finance Agency Mark Calabria yesterday told MBA members that FHFA wants comments on a proposed rule that would require Fannie Mae and Freddie Mac to obtain approval for new products and notice before engaging in new activity.
Brian Stoffers, CMB, served as Chairman of the Mortgage Bankers Association during perhaps the most interesting year in its history—not that he or anyone else planned it that way.