Servicing Newslinks Archive

“The Administration’s proposal to reform Fannie Mae and Freddie Mac closely tracks much of the work that has been done to date by policymakers on Capitol Hill. It includes many core principles that MBA has long advocated for, such as an explicit government guarantee on [mortgage-backed securities] only as a catastrophic backstop, allowing for multiple guarantors and ensuring small lender access. MBA is heartened that the proposal recognizes that reform must be part of any plan before either Fannie Mae or Freddie Mac is released from conservatorship.”–MBA President and CEO David Stevens, CMB, on an Administration proposal to end conservatorship of the government-sponsored enterprises and privatize Fannie Mae and Freddie Mac.

“Establishing a formal ‘rule on rules’ would guide the Bureau today and in the future. Such a rule would help ensure the Bureau does a better job of protecting consumers and decreasing unnecessary costs through rules and guidance rather than, as in the past, simply using enforcement cases to articulate standards.”–From an MBA letter to the Consumer Financial Protection Bureau on its rulemaking process.

“Falling volume drove net production profitability into the red for only the second time since inception of our report in the third quarter of 2008. While production revenues per loan actually increased in the first quarter, we also reached a study-high for total production expenses at $8,957 per loan, as volume dropped. For mortgage bankers who held mortgage servicing rights, higher per-loan servicing revenues and gains on the valuation of servicing helped overall profitability.”–MBA Vice President of Industry Analysis Marina Walsh.

“MBA [has] become concerned in recent years with a lack of transparency in the FHFA approval process for new activities and new products…This process has made it far more difficult for policymakers, market participants and other stakeholders to understand whether certain offerings are serving the public interest. The lack of transparency also contributes to the concern that new activities or new products could at times be structured in ways that confer competitive advantages on certain market participants.”–From an MBA letter to the Federal Housing Finance Agency on how FHFA could improve its supervision of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

“The bill marks years’ worth of work by a group of bipartisan Senators and parallel and focused advocacy by the legislative and policy teams at MBA…I want to commend the House of Representatives for joining the Senate and passing this bill which will protect consumers and provide greater access to mortgage credit.”–MBA President and CEO David Stevens, CMB, on House passage of S. 2155, a broad regulatory relief bill.

“The strong economy, low unemployment rate, tax refunds and bonuses and home price appreciation were key factors that helped push delinquencies down in the first quarter.”–MBA Vice President of Industry Analysis Marina Walsh.

“The [Telephone Consumer Protection Act] landscape is dysfunctional and in need of clarity from the FCC. The statute, originally intended to target a specific abusive telemarketing practice, has been expanded by courts and the FCC, turning it into a breeding ground for frivolous lawsuits against legitimate businesses trying to communicate with their customers. As a result, TCPA litigation has skyrocketed, harming businesses large and small, with no clear benefit to consumers.”–From a petition signed by 17 business and trade groups (including the Mortgage Bankers Association) urging changes to the Telephone Consumer Protection Act.

“We’ve reached a tipping point in this housing boom where enough homeowners have regained both sufficient equity and sufficient confidence to tap into their home equity–resulting in a noticeably slower decline in seriously underwater properties and slower growth in equity rich properties.” –Daren Blomquist, senior vice president with ATTOM Data Solutions, Irvine, Calif.

“I recognize that tax reform was the initial priority of this Administration, but we have to be capable of walking and chewing gum at the same time. I’m hopeful that the Administration and the Treasury Department will engage with Congress and move forward with comprehensive housing finance reform.”–Rep. French Hill, R-Ark., speaking at the MBA National Advocacy Conference.

“Data will move faster and be more accurate. What can we learn from it? If we don’t get on the train, it’s going to be over. Whoever can move faster on technology and invest time and effort in technology will succeed.”–Dan Gilbert, founder and chairman of Quicken Loans Inc., Detroit.