MBA Newslinks Archive

“From the beginning, collaboration has been key to MISMO’s mission to serve the mortgage industry. MISMO Connect builds upon this tradition of collaboration by providing a rich, interactive environment where MISMO members can discuss ideas, share resources and receive up-to-the-minute information on MISMO workgroup activities.” –Jan Davis, Vice President of MISMO.

“The sharing economy’s de-emphasis on ownership will be reflected in soaring demand for rental units. Well over half of the new households created over the next decade will rent, including those who have never owned and those making the switch from owning to renting as they age.”–From an Urban Land Institute report on homeownership/renter demographics.

“The average credit score for a borrower today is about 40 points higher than it was back in 2000–by most accounts a healthy time for the market–and overall, the market is simply taking on much less credit risk that it was back then. With their lower average credit scores, Hispanics are disproportionately affected by this tightening, particularly at the Federal Housing Administration.”–Jim Parrott and Yamillet Payano, authors of an Urban Institute report on Hispanic homeownershp rates.

“MBA has for decades advocated for a bright line between primary and secondary markets,” the letter said. “One aspect of this bright line is that primary market lenders select front-end credit enhancements, while the GSEs structure back-end credit enhancements.”
–MBA President and CEO David Stevens, CMB, in a letter to the Federal Housing Finance Agency.

“We recognize that the CFPB does important work to protect consumers and that this case is far from settled and expect the government to continue to litigate it. We will continue to fight on behalf of our members, particularly on the RESPA and due process issues, as they go to the heart of a core argument that MBA has been making for several years now–that lenders need clear, consistent and reasonable interpretations of the rules in order to be able to best serve their borrowers and contribute to a smoothly functioning real estate market.”–Mortgage Bankers Association President and CEO David Stevens, CMB, on yesterday’s court decision ruling the Consumer Financial Protection Bureau’s current structure as “unconstitutional.”

“A low inventory of REO and short sale properties is a sign of a healthy mortgage industry, but also indicates an overall shortage of homes available on the market in the area, as even less desirable homes with potential condition-related issues are moving increasingly quickly off the market.”–Alex Villacorta, Vice President of Research and Analytics with Clear Capital, Reno, Nev.

“These gains are consistent with solid consumer spending and housing/construction improvements in the second half of 2016.”
–John Silvia, chief economist with Wells Fargo Securities, Charlotte, N.C., on Friday’s jobs report.

“People used to consider paying off their mortgage as the top priority when managing their debt. However, credit cards are increasingly being thought of as the new top priority and because of this, over-purchased consumers are more willing to walk away from their house now than they were in previous years.”–Mark Damon, senior vice president of AutoPilot services with SWBC, San Antonio, Texas.

“The increase in credit availability in September was driven by more investors offering streamlined refinance programs to borrowers with USDA and FHA loans.” –MBA Vice President of Research and Economics Lynn Fisher.

“We made a decision to make sure that industry action would be one of the cornerstones of what we did as a company. And we really believe that an active, informed employee partner is simply a better employee partner, and that’s held true over the past 15 years.”–Former MBA Chairman Bill Cosgrove, CMB, President & CEO of Union Home Mortgage, Strongsville, Ohio, in an MBANow video promoting involvement in the MBA Mortgage Action Alliance.