MBA Servicing Newslink 6-28-16

“No borrower should face arbitrarily high prices for mortgage credit, especially when the burden is felt particularly hard by low- and moderate-income and first-time homebuyers. We therefore request that FHFA direct the GSEs to reduce or eliminate LLPAs going forward. Eight years after the financial crisis, mortgage credit quality has improved dramatically and regulations have improved the industries risk management practices. We believe these changes justify eliminating LLPAs.”
–From an MBA/trade group letter asking the Federal Housing Finance Agency to reduce or eliminate loan-level price adjustments charged by Fannie Mae and Freddie Mac on loans.

MBA Servicing Newslink 6-21-16

“The TCPA was not intended to obstruct effective communications between mortgage servicers and their borrowers.”–From an MBA petition to the Federal Communications Commission, asking for an exemption for mortgage servicing calls from the prior express consent requirements of the Telephone Consumer Protection Act.

MBA Servicing Newslink 6-14-16

“Absent reform, we run the risk of continuing to kick the can down the road without ensuring ongoing access to mortgage credit for millions of future homeowners. Policymakers need to continue to focus on the paramount objective of fixing the structural flaws that led to the breakdown of the housing finance system–the only outcome that will protect taxpayers, preserve access to credit and ensure a stable housing finance system.”–From an MBA/trade group letter urging the Federal Housing Finance Agency to support the role of Congress in crafting housing finance reform.

MBA Servicing Newslink 6-7-16

“Strong fundamentals and property prices, as well as still low interest rates, continue to support the performance of commercial and multifamily mortgages.”
–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

MBA Servicing Newslink 5-31-16

“Early intervention and direct contact with the borrower has clearly made a huge impact in the overall delinquency numbers.”–HOPE NOW Executive Director Eric Selk.

MBA Servicing Newslink 5-24-16

“We have a lot more minority home buyers coming into the market and it’s going to force us all to figure out how to address these new households. In some cases, we will have multiple families living in the same house and we need to create products that appeal to those situations.”–Dave Lowman, executive vice president of single-family business with Freddie Mac, McLean, Va.

MBA Servicing Newslink 5-17-16

“Many mortgage lenders are reporting that the past March was their strongest March purchase market ever. We seem to have passed a demarcation line in which most mortgage applications measures have passed the 2007 low point. We see a few markets where home equity still has trouble picking up, but overall the market supports new home building and home price appreciation.”
–MBA Chief Economist Mike Fratantoni

Servicing Newslink 5-10-16

“Delinquencies and foreclosure rates are now at pre-crash levels as the benefits of higher home prices, improving economic fundamentals and years of cautious underwriting are being felt across the country.” –CoreLogic President and CEO Anand Nallathambi.

Servicing Newslink 5-3-16

“MBA believes this approach should provide a swift path to issuing a final rule that will give lenders, the secondary market and consumers the clarity and consistency of disclosures the market needs.”
–Pete Mills, MBA senior vice president of residential policy and member engagement, on a Consumer Financial Protection Bureau announcement that it would clarify provisions of its Know Before You Owe rule.

Servicing Newslink 4-26-16

“It has been our experience that the best prepared lenders are those which establish clear and transparent processes; consult with numerous in-house and third party experts about the regulation, rule or statute, and are willing to adjust and adapt based upon new input.”–Alok Datta, president of ATPR Inc., Dallas.