MBA Newslinks Archive

“In 2017, the [Consumer Financial Protection Bureau] is at an inflection point, when it can now pivot and focus its resources on providing supervision and binding, authoritative guidance that helps responsible parties, including those in the mortgage industry, comply with the new rules of the road, while limiting enforcement to the actors operating without regard for clearly delineated and well-illustrated rules established by CFPB.” 
–MBA Senior Vice President, Public Policy & Industry Relations Stephen O’Connor, in an MBA letter to the CFPB on its 2018-2022 Strategic Plan.

“Most of the major variances from the second to third quarter of 2017 are tied to early delinquencies for all loan types. In the third quarter of 2017, there was little movement in the seriously delinquent rate, which rose just three basis points and was down 44 basis points from a year ago. Foreclosure starts were down one basis point from the previous quarter. In future surveys, we may see a temporary drop in foreclosure starts in hurricane-impacted states due to storm-related foreclosure moratoria, as was seen during Hurricane Katrina in 2005.”
–MBA Vice President of Industry Analysis Marina Walsh.

“Most of the enterprises’ investments will be used to facilitate transactions that support underserved markets and complement our Duty to Serve priorities.”–Federal Housing Finance Agency Director Mel Watt, announcing Fannie Mae and Freddie Mac’s limited re-entry into the Low-Income Housing Tax Credit market.

“The drop in the capital reserve ratio–primarily due to the extreme volatility of the Home Equity Conversion Mortgage program–demonstrates that the Trump Administration was wise to reverse the mortgage insurance premium reduction made in the last days of the previous administration. Had the reduction remained in place, the value of the MMI fund would have more than likely dropped below the legal statutory 2 percent threshold.”–Mortgage Bankers Association President and CEO David Stevens, CMB.

“This long-term reauthorization will provide certainty to homeowners and businesses that depend on the program for flood damage protection. Additionally, this legislation contains important provisions related to the clarification and expansion of the private flood insurance market.”–MBA President and CEO David Stevens, CMB, on House passage of legislation reauthorizing the National Flood Insurance Program.

“Home equity is a critical source of financing for low- and middle-income households for home improvements, college tuition and other emergencies. MBA believes deductibility of a portion of home equity indebtedness should be retained. In addition, the deduction for property taxes helps families overcome affordability challenges in high cost and/or high tax jurisdictions.”–MBA President and CEO David Stevens, CMB, in a letter to Senate Finance Committee members on tax reform legislation.

“Sky-high rents and rising home prices are putting first-time buyers in a bit of a catch-22. Buying now with a low down payment can be riskier, and the offer may not be considered as competitive by the seller. However, a renter who saves for another year to reach a larger down payment may find that the home they love today is outside their budget a year from now.”–Zillow Chief Economist Svenja Gudell.

“Borrowing and lending associated with commercial and multifamily real estate increased again in the third quarter, even as sales transaction volume slowed. Most property types and capital sources saw stronger lending activity than a year earlier, supported by solid property fundamentals and continued property value appreciation.”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

“Commercial and multifamily real estate finance is a nearly $4 trillion industry and touches almost every segment of the economy. Acquisition, Development or Construction loans in particular, which this legislation supports, help to promote economic growth and job creation.”–MBA President and CEO David Stevens, CMB, on House passage of H.R. 2148.

“Although H.R. 1 would provide both owners and renters with more take-home pay by lowering overall tax rates and nearly doubling the standard deduction, we believe the cumulative impact of the changes to the mortgage interest deduction and property tax deductibility would erode homeownership incentives for too many Americans.”–MBA President and CEO David Stevens, CMB, in a letter to the House Ways and Means Committee on tax reform legislation.