Servicing Newslinks Archive

“The drop in the capital reserve ratio–primarily due to the extreme volatility of the Home Equity Conversion Mortgage program–demonstrates that the Trump Administration was wise to reverse the mortgage insurance premium reduction made in the last days of the previous administration. Had the reduction remained in place, the value of the MMI fund would have more than likely dropped below the legal statutory 2 percent threshold.”–Mortgage Bankers Association President and CEO David Stevens, CMB, on the FHA Mutual Mortgage Insurance Fund actuarial report released last week.

“Home equity is a critical source of financing for low- and middle-income households for home improvements, college tuition and other emergencies. MBA believes deductibility of a portion of home equity indebtedness should be retained. In addition, the deduction for property taxes helps families overcome affordability challenges in high cost and/or high tax jurisdictions.”–MBA President and CEO David Stevens, CMB, in a letter to Senate Finance Committee members on tax reform legislation.

“Only Congress can alter the existing GSE charters, establish an explicit federal government guarantee and create a regulatory mandate to maintain a level playing field. We cannot go back to a housing finance system that provides private gains when markets are strong yet relies on support from taxpayers when losses occur.”–MBA President and CEO David Stevens, CMB, in testimony last week before a House subcommittee on housing reform.

“MBA has long recognized the importance of this ‘bright line’ between the primary and secondary markets, and its continued application is particularly crucial given the rapid development and deployment of new mortgage-related technologies.”–MBA President and CEO David Stevens, CMB, in a letter to the Federal Housing Finance Agency.

“MBA and its members are committed to serving all borrowers in a safe and sustainable manner–including those with limited English proficiency. While we continue to have significant reservations about including a language preference question on the URLA, we appreciate the modest improvements FHFA has made in response to industry feedback and concerns about the GSEs’ consumer testing.”–MBA Senior Vice President for Residential Policy and Member Engagement Pete Mills, in response to a Federal Housing Finance Agency announcement including a question on Limited English Proficiency in its Uniform Residential Loan Application.

“We firmly believe that Congress and the administration have a ‘once-in-a-generation’ opportunity to overhaul the tax code in a manner that will spur long-term economic growth, create jobs and place more money in the pockets of hard-working Americans.”–MBA President and CEO David Stevens, CMB, in a letter to House, Senate and Administration leaders.

“Hacking is easy. Personal information is cheap and you don’t even have to go on the Dark Web to buy it.”–Christa Lynn Greco, intelligence analyst in the criminal investigative division with the Federal Bureau of Investigation.

“We’re going to see loans continue to be processed the traditional way, but we’re also going to increasingly see use of these new methods, because it’s what lenders and customers are demanding.”–Jude Landis, vice president of credit policy and risk management with Fannie Mae, Washington, D.C.

“We urge Treasury, FHFA and Congress to remain focused on addressing the long-term housing finance reform efforts necessary to end GSE conservatorship permanently and create a stronger, stable system for the future that helps ensure all in America have access to affordable housing opportunities.”–from an MBA/trade group letter to Administration officials on GSE reform.

“The Consumer Financial Protection Bureau’s reluctance to issue clear guidance on the laws it inherited, such as the Real Estate Settlement Procedures Act, has resulted in a confused, uneven market that actually narrows consumers’ access to sustainable credit. Now is the time to look back at what has been learned over the past five years and make some key changes that will help consumers and the industry alike.”–MBA President and CEO David Stevens, CMB.