Servicing Newslinks Archive

“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.

“Production profits dropped by almost half in 2017 as rate-term refinancings diminished and the overall average production volume dropped. Production revenues per loan were up slightly for the year, as higher loan balances mitigated the effects of competitive pressures. However, production expenses grew in all categories–sales, fulfillment, production support and corporate.”–MBA Vice President of Industry Analysis Marina Walsh.

“The challenge today is that we have a system with an extraordinary amount of uncertainty in the origination process. One of the things we have to do is look at the burdens imposed on lenders, who must navigate a complex set of compliance and regulatory requirements that remain subject to interpretation. It’s making lenders reluctant to engage in FHA loans.”–MBA President and CEO David Stevens, CMB, speaking at the National Fair Housing Alliance’s National Access to Credit Forum.

“While credit scores play only a limited role in the underwriting process for loans acquired by the Enterprises, their impact on borrower eligibility and loan pricing warrants periodic review. Given that any changes to the existing Enterprise requirements would entail operational challenges that bring with them additional costs, it is important to understand what can be gained from such changes.”–MBA President and CEO David Stevens, CMB, in a letter to the Federal Housing Finance Agency on credit score requirements.