Servicing Newslinks Archive

“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.

“To reform and strengthen the secondary mortgage market, the most effective goals will be those that include both specific, quantitative outcomes based on loans made to distinct borrower/market segments and qualitative efforts, such as outreach, research and targeted initiatives. These differing types of goals should be pursued in tandem and should complement each other.”–MBA President and CEO David Stevens, CMB.

“The entire mortgage industry is working around the clock to identify homeowners in the affected areas who are in need of assistance or who have questions about their property, payment status or loans. We are encouraging any homeowner who is unsure of their situation to immediately contact their lender or servicer as well as their hazard or homeowners insurance provider.”–MBA President and CEO David Stevens, CMB.

“The employment outlook continues to support loan performance. Monthly job growth topped 200,000 jobs in June for the fourth time in the first six months of the year. Job growth in the month of July also topped 200,000. Possible factors that could influence a directional change include rising loan-to-value and debt-to-income ratios for certain product types, as affordability is stretched by tight inventory and rising home prices, and normal loan aging.”–MBA Vice President of Industry Analysis Marina Walsh.

“An increasing number of U.S. homeowners are amassing impressive stockpiles of home equity wealth, enjoying the benefits of rapidly rising home prices while staying conservative when it comes to cashing out on their equity.”–ATTOM Data Solutions Senior Vice President Daren Blomquist.

“Strong employment growth and home price increases have contributed to improved mortgage performance.”–CoreLogic Chief Economist Frank Nothaft.

“Balancing taxpayer protection, investor returns and consumer costs is critical to realizing a more stable housing finance system going forward.”–From a new MBA paper, GSE Reform: Consumer Costs in a Reformed System, which examines MBA’s plan to build a stable foundation for the secondary mortgage market and how it would impact borrowers in the single-family market.

“The past few years have not been easy for mortgage servicers as they’ve struggled with regulatory and market pressures, but still managed to deliver on customer satisfaction. Now, as that trend starts to shift and customer satisfaction levels off, it is critical that mortgage servicers continue to balance the demands of this tough marketplace with the needs of their customers.”–Craig Martin, senior director of mortgage practice with J.D. Power, Westlake Village, Calif.

“We believe this plan will lead to a more stable system that protects taxpayers while also promoting broad credit availability in a primary market featuring lenders of all sizes and business models. Our plan features a number of provisions specifically designed to protect small and mid-sized lender access to the secondary market.”–MBA President and CEO David Stevens, CMB, in a letter to the Senate Banking Committee supporting GSE reform protections for small and mid-sized lenders.

“By clarifying that private coverage satisfies the continuous coverage requirement, S. 563 and H.R. 1422 will help to make these policies a more viable option for consumers.”–From an MBA/trade group letter urging Congress to pass legislation to modify the National Flood Insurance Program.