“Mortgage performance improved again in the second quarter primarily because of the combination of lower unemployment, strong job growth and a continued nationwide housing market recovery.” –Marina Walsh, MBA Vice President of Industry Analysis.
Servicing Newslinks Archive
Servicing Newslink 8-9-16
“The backlog of foreclosures from the financial crisis finally appears to be waning and write-offs are returning to historically-normal levels. Rising home values have helped significantly, as have improving labor markets.”–Amy Crews Cutts, senior vice president and chief economist with Equifax.
Servicing Newslink 8-2-16
“MBA appreciates the CFPB’s efforts to update and clarify certain aspects of the ‘Know Before You Owe’ rule. This particular regulation has a big impact on both borrowers and lenders, so it’s important that the Bureau and stakeholders continually reassess the implementation process to ensure its effectiveness. We look forward to commenting on the rule, and continuing to work with the CFPB to gain further clarity in order to improve this and other rules and regulations.”–MBA President and CEO David Stevens, CMB.
Servicing Newslink 7-26-16
“Markets are resilient. But it’s important to have clarity. Markets will adapt to intelligent, well-reasoned regulations and provide innovative solutions.”
–MBA Chairman-Elect Rodrigo Lopez, CMB, at a housing finance event last week at the Republican National Convention in Cleveland.
Servicing Newslink 7-19-16
“If there is going to be a questions about the consumer’s language preference or other approach to help borrowers who lack English proficiency, they should only be proposed after all the relevant agencies have engaged in well-considered policy development and proposed rules for public comment.”–From a letter from 54 House members to the Federal Housing Finance Agency expressing concern over a proposed rule requiring lenders to ask borrowers what language they prefer.
Servicing Newslink 7-12-16
“This Update reflects our ongoing commitment to transparency. It also reflects the outstanding public and industry input and support we have already received and that we look forward to continuing to have as we move toward the goal of launching the CSP.”
–Federal Housing Finance Agency Director Melvin Watt.
Servicing Newslink 7-5-16
“Both Slayton and Embry are long-time MBA members and their goal for the new group is to work with the MBA to complement and strengthen the delivery of quality education and peer sharing opportunities for mortgage compliance professional.”
–Pete Mills, MBA senior vice president of residential policy and member engagement, on formation of the Mortgage Compliance Professionals Association of America by Ben Slayton, a veteran chief compliance officer and publisher of Mortgage Compliance magazine, and Burton Embry, executive vice president and chief compliance officer with Primary Residential Mortgage Inc., Salt Lake City, Utah.
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.