Servicing Newslinks Archive

“We should maximize this opportunity to serve the needs of the client-borrower, not just service the loan.”–MBA Chairman Rodrigo Lopez, CMB, speaking at the recent MBA Commercial/Multifamily Mortgage Servicing & Technology Conference.

“Put simply, super-priority statutes allow HOAs to eviscerate first-in-time mortgages often worth hundreds of thousands of dollars to satisfy later-incurred debts typically amounting to a few thousand dollars. Such schemes contravene bedrock principles of property law and threaten to destabilize the real-estate finance system itself. The ultimate consequence of super-priority regimes is less credit for homebuyers because there is less security for lenders.”–From an MBA/trade group amicus brief in support of a Supreme Court review of a Nevada homeowners association “super-lien’ statute.

“We saw an increase in foreclosure starts for the first time since the fourth quarter of 2014, but this increase was accompanied by a sizable drop in loans that were 90 days or more past due. It is likely that legacy distressed loans were held in the late stage-delinquency bucket by factors such as resolution attempts and state-specific requirements, before eventually going into foreclosure status. All 50 states and the District of Columbia saw a decrease in the 90-day or more delinquency rate.”–MBA Vice President of Industry Analysis Marina Walsh.

“Transition will be the key issue. We have to ensure a transition that doesn’t disrupt the market. That’s what makes this such a key challenge. We know the market operates very efficiently right now. There have been a lot of reform over the past eight or nine years, so we want to ensure that there is continuity.”–Robert Ryan, FHFA special advisor and acting deputy director or the division of conservatorship, speaking at the recent MBA National Secondary Market Conference & Expo.

“The teams are on the field and the game is in play; the choice is to either stand on the sidelines and protest or get in the game. MBA plans to get in the game to help craft a solution that works for all lenders, consumers, and the housing finance system. There is no other option but to engage and lead on this subject.”–MBA President and CEO David Stevens, CMB

“This paper not only lays out a detailed end state solution that will work for the residential and multifamily markets, but also the transition steps to accomplish this goal. We look forward to working with Congress and the Administration to find a permanent, sustainable solution to the government’s role in housing finance that doesn’t repeat the mistakes that led to the crisis.”–MBA Chairman Rodrigo Lopez CMB.

“Mortgage lenders with servicing portfolios experienced significant fluctuations in the valuation of their mortgage servicing rights related to corresponding interest rate fluctuations during 2016. Most servicers reported net servicing financial losses in the first half of the year, followed by recoveries by the end of the year.”–Marina Walsh, MBA Vice President of Industry Analysis.

“PACE loans are, in substance, mortgage-related financing and should adhere to federal mortgage financing rules. This legislation will subject PACE loans to the same Truth in Lending Act consumer protections required of other applicable mortgage products. We look forward to continuing to work with Congress on this very important issue.”–MBA President and CEO David Stevens, CMB.

“Regulatory uncertainty, combined with heightened enforcement risk have forced many responsible lenders to reconsider their ability to lend to the full extent of the credit box. These decisions ultimately impact the consumer, and often disproportionately impact low-to-moderate income borrowers, minorities and first-time homebuyers.”–MBA Chairman-Elect J. David Motley, CMB, in testimony before a House subcommittee.

“Mortgage lenders reported a combination of both lower revenues and higher expenses. On the revenue side, secondary marketing income dropped as mortgage lenders wrestled with less favorable pricing and pipeline challenges. At the same time, production expenses per loan rose as fixed costs were spread over fewer loans.”–MBA Vice President of Industry Analysis Marina Walsh.