The Mortgage Bankers Association, in its second letter to the Consumer Financial Protection Bureau, urged the Bureau to withdraw a proposal requiring nonbanks to register and report their use of certain terms and conditions in form contracts for consumer financial products and services.
Category: News and Trends
Quote: Tuesday Apr. 11, 2023
“For the first time since inception of MBA’s report in 2008, net production income was in the red in 2022, with losses averaging 13 basis points. The rapid rise in mortgage rates over a relatively short period of time, combined with extremely low housing inventory and affordability challenges, meant that both purchase and refinance volume plummeted. The stellar profits of the previous two years dissipated because of the confluence of declining volume, lower revenues, and higher costs per loan.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
MBA Secondary and Capital Markets Conference in NYC May 21-24
The Mortgage Bankers Association’s Secondary & Capital Markets Conference returns to the New York Marriott Marquis May 21-24.
CoreLogic: ‘Convective’ Storms Cause $17 Billion in Annual Losses
A report from CoreLogic, Irvine, Calif., said severe convective storms in the U.S. in 2022 accounted for an average annual loss of more than $17 billion among insured. Of those losses, hail damage accounts for more than $11 billion.
Moody’s: CMBS Loss Severities Drop
Moody’s, New York, reported U.S. commercial mortgage-backed securities had the lowest loss amount last year since 2009, but noted loss severities remained elevated.
#MBATech23: Managing AI with the ‘Father of IBM Watson’
SAN JOSE, Calif.—Manoj Saxena, Chairman of AI Global, London, is perhaps best known as the “Father of IBM Watson,” the ubiquitous face of artificial intelligence. Now, his goal is to manage technology—and use AI as the business model of the future.
#MBATech23: Executive Perspectives on Technology and Innovation
SAN JOSE, Calif.—In today’s competitive real estate finance environment, lenders and servicers need their technology teams and products to provide solutions—period.
MBA, State Regulators Ask CFPB to Withdraw Nonbank Registry Proposal
The Mortgage Bankers Association urged the Consumer Financial Protection Bureau to withdraw a controversial proposal requiring covered nonbank financial institutions to register with and report to the Bureau when they become subject to certain public local, state, or federal consumer financial protection agency or court orders.
CFPB Releases Final Rule on Small Business Loan Reporting
The Consumer Financial Protection Bureau on Thursday issued a final rule that would require some lenders to collect and report information about small business credit applications they receive, including geographic/demographic data, lending decisions and the price of credit.
MISMO Seeks Comment on Servicing Transfer Catalog
MISMO®, the real estate finance industry standards organization, seeks public comment on its new MISMO Servicing Transfer Catalog.