NEW YORK—When Mortgage Bankers Association President & CEO Bob Broeksmit, CMB, stepped on stage Monday here at the National Secondary Market Conference & Expo, he promised a presentation “more pugnacious than normal.” And he delivered.
Category: News and Trends
Senators Introduce MBA-supported Bill to Reform Davis-Bacon Rules
Sens. John Thune, R-S.D., and Jerry Moran, R-Kan., on Friday reintroduced the Housing Supply Expansion Act, legislation that would address the affordable housing shortage by making targeted reforms to Davis-Bacon Act requirements.
MBA Chart of the Week May 19, 2023: % of IMBs with Pre-Tax Net Income
Today’s Chart of the Week compares the percentage of companies in the QPR that reported positive pre-tax net income including all lines of business (e.g. production and servicing operations), versus the percentage of companies that reported positive pre-tax net income, once servicing operations are excluded.
Elevating Your Quality Quotient, Part II: Mortgage Servicing Post-Pandemic
Regulations offer guardrails, but rebuilding trust is key to a vibrant mortgage servicing industry. The hurdles of the Great Financial Crisis have been largely overcome and the COVID-19 Pandemic National Emergency was formally decreed behind us on April 10. So, what does the marketplace for servicing look like today and what aspects of servicing could look different in the future?
MBA: IMBs Report Pre-Tax Net Production Losses in 1Q
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $1,972 on each loan they originated in the first quarter, an improvement from the reported loss of $2,812 per loan in the fourth quarter, the Mortgage Bankers Association reported Thursday.
Quote: Tuesday, May 23, 2023
“Conditions continue to be challenging for the industry, with now four consecutive quarters of production losses and nine consecutive quarters of volume declines.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
FHA Finalizes HECM Claims Processing Policies
The Federal Housing Administration on Wednesday announced new policies that will allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, to HUD.
A Tale of Two Reports on Household Debt
WalletHub, Miami, reported this week that total household debt fell to $17.12 trillion in the first quarter as consumers paid down nearly $140 billion in debt during that period. Separately, the Federal Reserve of New York took a slightly different tack, reporting an increase in total household debt in the first quarter by $148 billion (0.9%) to $17.05 trillion.
In Amici Brief to SCOTUS, MBA, Trade Groups Stress Importance of Mortgage Market Stability
While the brief takes no position on whether the Bureau is constitutionally funded, it urges the Court to avoid ruling in a manner that would disrupt the housing and mortgage markets, harming both consumers and the economy.
MBA Recognizes 17 New Commercial Certified Mortgage Servicer Graduates
CHICAGO–MBA Education, the award-winning education division of the Mortgage Bankers Association, recognized 17 individuals who earned the Commercial Certified Mortgage Servicer (CCMS®) designation at a ceremony held at its 2023 Commercial/Multifamily Finance Servicing and Technology Conference.