MBA Newslinks Archive

“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.

“Susan is an outstanding leader and a well-respected voice on the most important issues facing our industry.”–MBA Chairman Dave Motley, CMB, on the nomination of Susan Stewart, CEO of SWBC Mortgage as MBA 2019 Vice Chair.

“The expansion of offerings across all loan types drove credit availability to its highest level in three months. In particular, the conventional index and jumbo index both rose to their highest levels since March 2011. This was mainly caused by increased investor interest in jumbo loans and high balance conforming loans.”–MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

“David has been a consistent advocate for MBA thanks to his tireless outreach to policymakers and champion of key issues affecting our industry. His deep involvement in both MAA and MORPAC reinforce David’s commitment to advocacy.”–MBA Chairman Dave Motley, CMB, on presenting Dave Zitting, CMB, with the MBA Burton C. Wood  Legislative Service Award.

“Home-price growth has accelerated in recent months, helping to build home-equity wealth and lift underwater homeowners back into positive equity, the primary driver of home equity wealth creation.” –Frank Nothaft, chief economist with CoreLogic, Irvine, Calif.