MBA Newslinks Archive

“Not only are Suspicious Activity Reports generating leads, but they are also helping us build cases. SARs also represent intelligence; they provide us with leads; they help us develop new sources; and they provide support to other active cases.”
–Special Agent Kevin Damuth of the Financial Institution Fraud Unit with the Federal Bureau of Investigation.

“You have to think as much out of the box as the fraudsters. One thing is for sure–the fraud of today is not going to look like the fraud of tomorrow.”
–Charles La Bella, deputy chief of the fraud section with the Department of Justice.  

“MBA has worked closely with the Consumer Financial Protection Bureau to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process.–MBA President and CEO David Stevens, discussing a set of MBA resource guidelines to educate both consumers and lenders and their business partners needing to comply with the new Know Before You Owe or TILA/RESPA Integrated Disclosure regulations that go into effect on Oct. 3.

“We realized that smaller firms might not have enough resources or expertise to keep abreast of the rapidly changing risks.  Our Workgroup identified a need for a security guide that non-technical individuals could use to help improve the security of their organization.”
–Shawn Malone, vice president with Radian Group, Philadelphia, and chair of the MBA Information Security Workgroup, which released a white paper this morning on information security.

“As commercial property incomes and values continue to climb, and financing remains plentiful, loan performance continues to improve as well. Commercial and multifamily mortgage delinquency rates were down broadly in the second quarter.”
–MBA Vice President of Commercial Real Estate Research Jamie Woodwell. 

“For [Federal Open Market Committee] actions in September the projection of inflation, not the current pace of inflation, remains the focus of policy. From the FOMC’s view, current low inflation is discounted due to temporary conditions.”
–John Silvia, chief economist with Wells Fargo Securities, Charlotte, N.C.

“A temporary legal safe harbor for lenders will ensure the new requirements are implemented in an orderly manner and that consumers are not confused or, worse yet, impaired in their ability to purchase a home or refinance a loan.”
–From an MBA Mortgage Action Alliance Call to Action urging support for two bills that would grant lenders a temporary safe harbor under the Consumer Financial Protection Bureau’s TILA/RESPA Integrated Discloaure Rule set to go into effect next month.

“While much of the loosening is for jumbo loan products, the availability of conforming conventional mortgage credit has also somewhat increased, including for mortgages with higher loan-to-value ratios and borrowers with lower credit scores.”
–MBA Chief Economist Mike Fratantoni.

“The language in the certification lacks clarity as to the insurability of a loan and doesn’t embody a reasonable diligence standard for FHA underwriters, address the significance of any errors in terms of risk to the FHA or allow for an opportunity for lenders to correct any mistakes.  This lack of clarity continues to leave the door open to possible enforcement actions, and also encourages federal agencies, other than FHA, to take action against lenders. Absent clarity, some lenders may continue to re-evaluate which borrowers they are willing to extend FHA backed lending to and at what prices.” 
–MBA President and CEO David Stevens, on HUD’s Single-Family Loan Certification proposal issued yesterday.

“In MBA’s view, because more than 80 percent of complaints do not require action beyond an explanation, posting these unsubstantiated complaint narratives will only mislead the consumers the CFPB is charged with protecting. We therefore urge that complaints be verified before narratives are posted. At the very least, the CFPB should establish procedures to take down complaints not requiring action.”  
–MBA Senior Vice President Public Policy & Industry Relations Steve O’Connor, in a comment letter to the Consumer Financial Protection Bureau.