Servicing Newslinks Archive

“Today’s paper is intended to provide thoughtful recommendations on how to reform the GSEs while ensuring a healthy, robust secondary mortgage market emerges for both single-family and multifamily mortgages. The U.S. mortgage market requires global capital in order to maintain adequate liquidity through all economic cycles. International and institutional investors will only fill that role if there is an explicit government guarantee on the securities, something that can only be obtained by congressional action.”–MBA Chairman Rodrigo Lopez, CMB.

“MBA has been at the forefront of GSE reform. The conservatorship was never intended as a full time solution. And with a new Administration and a new Congress, we have an opportunity to move the process forward.”–MBA Vice Chairman Chris George.

“Given that lenders have already started preparing for the MIP decrease, it is important that any new policy be implemented in a way that minimizes disruption for borrowers and lenders.”–MBA President and CEO David Stevens, CMB.

“Those who make PACE loans are usually contractors who are not regulated by the SAFE Act. So there is a significant void of consumer protections in the PACE program; we’ve been advocating with HUD and the Department of Energy to step up and either create those protections. We’d like to see this program significantly changed.”–MBA Senior Vice President for Residential Policy and Member Engagement Pete Mills.

“The reduction in the premium is a result of our industry’s and FHA’s shared commitment to quality underwriting, and consumers will benefit as result. Reducing the cost of FHA loans benefits borrowers, but other changes to reduce uncertainty for lenders would be required to truly invigorate the FHA program.”–MBA President and CEO David Stevens, CMB.

“At nearly a six to one margin, data indicate that homeowners are avoiding foreclosure and are receiving mortgage assistance. This metric is important as it shows the breadth of solutions available to at-risk homeowners at the time of first notice of default that are alternatives to foreclosure.”–HOPE NOW Executive Director Eric Selk.

“MBA commends the GSEs and FHFA for the thoughtful development process that integrated stakeholder input–such as MBA’s One Mod proposal–to create a modification program that builds on the lessons learned from HAMP. We hope that other government insurers and guarantors use ‘Flex Modification’ as a starting point as they think about their own loss mitigation procedures so that HAMP is eventually replaced by a streamlined, universal loan mod product.”–MBA Senior Vice President of Residential Policy and Member Engagement Pete Mills.

“An increase in production volume and slight decrease in expenses in the third quarter kept production profits relatively stable. These profits would have been even higher were it not for a decline in net secondary marketing income, primarily income related to mortgage servicing rights.”–MBA Vice President of Industry Analysis Marina Walsh.

“If Congress or the administration wants to undertake comprehensive tax reform, and the president-elect and congressional leadership have clearly indicated that tax reform is a priority, a wide range of issues will be raised–including the mortgage interest deduction and other real estate provisions. But it would be a mistake to do anything that has the potential to hurt homeowners and the housing market that contributes so much to the national economy.”–MBA President and CEO David Stevens, CMB.

“While the delinquency numbers continue to drop–under 1.5 million in September–we are still very focused on markets where recovery has been slower and still need assistance.”–HOPE NOW Executive Director Eric Selk.