Servicing Newslinks Archive

“It’s clear that FHA homeowners in these areas need more help to get back on their feet as they recover from these storms.” –HUD Secretary Ben Carson, announcing further relief measures for FHA borrowers in 2017 hurricane-impacted areas.

“The issue of fair lending is an important one, and MBA has and will continue to advocate for policies that responsibly promote expanding the credit box in order to serve borrowers of all demographics and income levels. Unfortunately, this story does little to contribute to a productive dialogue.”–From an MBA statement in response to a Reveal News analysis of Home Mortgage Disclosure Act data and lending practices.

“As we work with policymakers to address the legislative and regulatory burdens that prevent us from providing the service we want to give, we should always keep our families in mind. We continue seeking clarity in the rules with written and reliable guidance all servicers can follow, and all consumers can understand.”–MBA Chairman Dave Motley, CMB, addressing the MBA National Mortgage Servicing Conference & Expo.

“MBA is gratified the Court recognized that the CFPB violated the law when it tried to change longstanding RESPA rules through the enforcement process rather than by issuing a new rule or guidance. This decision notwithstanding, the Bureau still owes the industry clear and constructive guidance on its view of the permissibility under RESPA of arrangements like marketing services agreements. Greater regulatory clarity and consistency on this front will benefit consumers and lenders alike.”–Mortgage Bankers Association Chairman David Motley, CMB.

“Given that this coming wave [of home buyers] will be the most culturally diverse in our nation’s history, we must transform how our companies look in order to better reflect the customers we hope to serve. This is especially important for IMBs and community banks, who are so close and so connected to our communities.”–MBA Chairman David Motley, CMB, addressing the MBA Independent Mortgage Bankers Conference.

“There are many similarities between this proposal and MBA’s own plan including the need for a government guarantee behind mortgage-backed securities to support single-family and multifamily finance, two or more competing guarantors, the use of a single security in the single family market and a level playing field for lenders of all sizes and business models. We look forward to continuing to work with Congressional leaders, the Administration, Director Watt and other stakeholders to create a secondary mortgage market that provides a more stable system and broad, sustainable access to credit for all qualified borrowers.”–MBA President and CEO David Stevens, CMB, on the Federal Housing Finance Agency’s proposal for secondary market reform.

“It’s important to focus on options that target churning while not impeding the ability of service members and veterans to obtain a beneficial refinancing. We recognize that the VA program is a unique loan program–an entitlement program for veterans who have served our country. As such, while we support quick action to limit abuses, it needs to be done thoughtfully to ensure that legitimate low cost refinancing options for veterans are retained.”–MBA Chairman David Motley, CMB, in testimony Jan. 10 before a House Veterans Affairs subcommittee.

“HELOCs have been an attractive option for borrowers to utilize available equity without sacrificing low first- lien interest rates; with interest on these products no longer deductible, the value proposition has changed.”–Black Knight Data & Analytics Executive Vice President Ben Graboske.

“[FHFA] Director [Mel] Watt has expressed significant concern regarding the lack of a capital cushion at the enterprises. This negotiated outcome is far better than the Director taking unilateral action and should put to rest calls for indefinite retention of earnings.”–MBA President and CEO David Stevens, CMB, on an agreement reached by the Federal Housing Finance Agency and Treasury allowing Fannie Mae and Freddie Mac to retain a reserve.

“The tough challenges associated with implementation are still ahead, however, to ensure that the Plans meet affordable housing needs in underserved markets around the country.” –Federal Housing Finance Agency Director Melvin Watt, on published “Duty to Serve” guidelines for Fannie Mae and Freddie Mac.