Servicing Newslinks Archive

“As you recall, MBA opposed the inclusion of the language preference question in the URLA because of the customer relations issues the question would cause if lenders could not actually serve borrowers in their preferred language, and due to unresolved operational and legal questions raised by the language preference information. We greatly appreciate Director Mark Calabria’s willingness to revisit these concerns and resolve them effectively.”–MBA President and CEO Bob Broeksmit, CMB, on an Aug. 8 announcement by the GSEs to delay implementation of the Uniform Residential Loan Application.

“S. 2155 was enacted to right-size regulations for community banks, mid-sized banks, regional banks and credit unions to expand access to capital. We have already started to see meaningful benefits from these laws…more can still be done to support the economic expansion.”–From a July 30 letter signed by nearly a dozen Republican senators to federal agencies, urging them to loosen regulations on banks and non-banks.

“The national mortgage market readjusting away from the Patch can facilitate a more transparent, level playing field that ultimately benefits consumers through stronger consumer protection.”–Consumer Financial Protection Bureau Director Kathleen Kraninger.

“Today’s announcement is not the end of our efforts to make sure consumers’ sensitive personal information is safe and secure. The incident at Equifax underscores the evolving cyber security threats confronting both private and government computer systems and actions they must take to shield the personal information of consumers. Too much is at stake for the financial security of the American people to make these protections anything less than a top priority.”–Consumer Financial Protection Bureau Director Kathy Kraninger.

“At a high level, the role of federal regulators with respect to credit scoring models should be to ensure such models exceed a minimum threshold of predictive capacity, while also remaining in compliance with fair lending requirements. If the CFPB or any other regulator was able to regularly change the weighting of various model inputs, or remove certain inputs altogether, the predictive capacity of the models could be seriously jeopardized. Such actions would then result in less sustainable mortgage lending, which would harm the very consumers that policymakers and market participants are attempting to better serve.” –MBA Senior Vice President Bill Killmer, in a letter to House Financial Services Committee leadership expressing concerns with provisions in the Clarity in Credit Score Formation Act of 2019.

“FHA can make changes to expand loan eligibility and encourage more servicer and investor participation.”–From an MBA/American Bankers Association letter to HUD outlining recommendations to improve its FHA Single-Family Loan Sale Program.

“The importance of the Terrorism Risk Insurance Act of 2002 and subsequent reauthorizations to the American economy is directly relevant to MBA’s membership. A long-term extension of TRIA is vital to the health of the commercial and multifamily real estate finance sector and the nation as a whole.”–MBA Senior Vice President of Legislative and Political Affairs Bill Killmer, in a letter to Senate Banking Committee leadership in support of reauthorization of the Terrorism Risk Insurance Act.

“Large banks appear to have great difficulty translating technological expertise and resources into efficient technology support for the mortgage origination business. Large banks’ IT projects appear to get mired in process considerations and take years to roll out, if they are rolled out at all. Clearly, this is an area that many of the largest banks should review.”–STRATMOR Principal Tom Finnegan, discussing results of the company’s collaboration with MBA’s Peer Group Roundtables.

“The lack of affordable housing is presenting significant challenges to families across the country. We need to explore how the lending community can better partner with public, private and non-profit stakeholders to ensure more Americans have access to homes they can afford.As the trade association representing the full breadth and depth of the mortgage lending community, MBA should, and will, be a leader in finding innovative solutions.”–MBA President and CEO Robert D. Broeksmit, CMB.

“Independent mortgage bankers experienced improvements in the first three months of the year. This was a welcoming sign following a very difficult end of 2018, in which profitability reached its lowest level since our survey’s inception in 2008.”–MBA Vice President of Industry Analysis Marina Walsh.