Bob Broeksmit’s Latest Blog Posts on Credit Score Modernization, VA Home Loan Program Reform Act

MBA President and CEO Bob Broeksmit, CMB, recently authored two new blogs commenting on industry happenings.

To the Point With Bob: FHFA Director Pulte Is Leading the Charge on Credit Score Modernization at the GSEs

The second Trump Administration has been clear that it is committed to removing burdensome regulations, increasing supply, and finding ways to lower costs for consumers. 

And they are doing it fast. 

I was once again reminded of this a few weeks ago following Federal Housing Finance Agency (FHFA) Director Bill Pulte’s July 8 directive to Fannie Mae and Freddie Mac (the GSEs) to adopt a modernized credit score, VantageScore 4.0. Director William J. Pulte’s decisive leadership and bold action has accelerated what had previously been a multi-year process under FHFA’s Alternative Credit Score Initiative.

MBA, its members, and industry stakeholders for years have been calling for a more transparent and more competitive credit scoring and reporting regime, one that better reflects the financial health of today’s consumers, takes advantage of improvements in credit scoring and reporting, and expands access to homeownership for more creditworthy Americans.

Click here to read the full blog.

To The Point With Bob: Securing Justice and Parity for America’s Struggling Veterans

Thanks to a new law MBA shaped and championed for well over a year, thousands of veterans will again be able to avoid foreclosure on their homes during times of financial difficulty.

On July 30, President Trump signed the VA Home Loan Program Reform Act into law. It restores the Department of Veterans Affairs’ (VA) authority to offer partial claims, permitting veteran homeowners to move missed payments to the end of the loan term.

Borrowers and lenders have a shared interest in avoiding the pain of foreclosure. Most American homeowners who fall behind on their mortgage payments have affordable options for catching up. Partial claim programs have long been a mechanism to mitigate losses on loans backed by government programs through the VA, Federal Housing Administration (FHA), and Fannie Mae and Freddie Mac.

Click here to read the full blog.