MBA Newslinks Archive

“The industry has undergone significant changes in the decades since these rules were first conceived. Recent advances in technology have only quickened the pace of change. The Bureau must ensure its regulations and regulatory guidance reflect these changes. In the past, the Bureau billed itself as a 21st century agency. In accordance with its mandate, the Bureau should endeavor to create 21st century rules.”–MBA Senior Vice President for Public Policy and Industry Relations Steve O’Connor, in a letter to the Consumer Financial Protection Bureau.

“Commercial and multifamily mortgage debt outstanding increased more than during any other Q1 since before the Great Recession…For the first time since 2007, CMBS has seen three straight quarters of increase.”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

“The start to the summer home buying season is in full swing and while inventories remain tight, we’re seeing an increasing percentage of purchase loans.” –Jonathan Corr, president and CEO of Ellie Mae, Pleasanton, Calif.

“The Administration’s proposal to reform Fannie Mae and Freddie Mac closely tracks much of the work that has been done to date by policymakers on Capitol Hill. It includes many core principles that MBA has long advocated for, such as an explicit government guarantee on [mortgage-backed securities] only as a catastrophic backstop, allowing for multiple guarantors and ensuring small lender access. MBA is heartened that the proposal recognizes that reform must be part of any plan before either Fannie Mae or Freddie Mac is released from conservatorship.”–MBA President and CEO David Stevens, CMB, on an Administration proposal to end conservatorship of the government-sponsored enterprises and privatize Fannie Mae and Freddie Mac.

“It is not enough for the Bureau simply to stop applying new interpretations to past practices; instead, the Bureau has an affirmative and on-going obligation to re-examine its regulations and issue new interpretations that establish clear standards for complying with consumer protection laws that the industry can apply when providing products and services to consumers.”–MBA Senior Vice President of Member Engagement and Public Policy Pete Mills, in a letter to the Consumer Financial Protection Bureau.

“We believe that HMDA reporting on business-to-business loans secured by multifamily properties is not necessary to fulfill the statutory purposes of HMDA and that the burden of collecting and reporting that information therefore far outweighs the benefits of doing so.”–From an MBA/trade group letter asking the Consumer Financial Protection Bureau to exempt multifamily loans from Home Mortgage Disclosure Act reporting.

“Homeowners whose properties become chronically inundated could find themselves with mortgages that exceed the value of their homes, face steeply rising flood insurance premiums, or even default on their loans. Lenders carrying large numbers of these risky mortgages could lose money or eventually become insolvent, with smaller banks concentrated in regions with high flood risk being especially exposed. Coastal real estate investors and developers may similarly experience financial losses in some coastal areas.”–From a Union of Concerned Scientists report on climate change and coastal areas of the U.S.

“Prices are still increasing, but not at the same rate we saw earlier in the spring. The record percentage of homes sold above list price is at odds with the higher percentage of price drops in May. This tells us that while it’s still very much a seller’s market, price growth and rising mortgage rates may be pushing buyers to the limit of what they’re able to pay.”–Taylor Marr, senior economist with Redfin, Seattle.

“Establishing a formal ‘rule on rules’ would guide the Bureau today and in the future. Such a rule would help ensure the Bureau does a better job of protecting consumers and decreasing unnecessary costs through rules and guidance rather than, as in the past, simply using enforcement cases to articulate standards.”–From an MBA letter to the Consumer Financial Protection Bureau on its rulemaking process.

“Mortgages backed by commercial and multifamily properties continue to perform extremely well. Delinquency rates are at or near their all-time lows across most capital sources. This continues to be driven by strong property fundamentals, increasing property values, still-low mortgage rates and readily available financing.”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.