Servicing Newslinks Archive

“Rising student debt levels and payment burdens among young renters are likely to impact this group’s long-term finances and their decisions to transition to homeownership. Delinquency and default can harm the ability of young renters to access low-cost credit and qualify for a home-purchase mortgage.”–Irene Lew, research assistant with the Joint Center for Housing Studies at Harvard University. 

“This administration does not support recapitalizing the GSEs with taxpayer funds and releasing them from conservatorship. Turning back the clock would be an exercise of bad policy judgement and not in the taxpayers’ interest. None of us should be misled by an increasingly noisy chorus of advocates of recapitalize and release.”  
–White House Senior Policy Advisor Michael Stegman.

“While the CFPB gave assurances that it would not engage in enforcement actions, it doesn’t protect the same investors from private actions or civil actions by other regulators, or through private lawsuits. We’re hearing from investors on this. We are told to expect a larger amount of mortgages that they won’t buy. This lack of clarity from the Bureau and this lack of protection regarding private actions have created a whole new level of concern regarding TRID compliance.”
–MBA President and CEO David Stevens, CMB.

“When everybody is too busy regulating, nobody is focused on the overall outcome and unintended consequences on consumers and the marketplace. Multiple, duplicative or confusing rules do not always make for a better, easier or safer lending environment. Getting the rules right with clarity creates the best environment and will lead to effective and functional consumer protection.”
–MBA President and CEO David Stevens.

“MBA believes that up-front, loan-level risk sharing, pursued in a manner that would maintain a level playing field for lenders of all sizes, particularly through greater use of private mortgage insurance, would reduce taxpayer exposure to mortgage risk, and that the enterprises are well placed to manage any residual counterparty risk given the new master policies and the [Private Mortgage Insurer Eligibility Requirements] standards which were just finalized. Moreover, multiple forms of up-front risk sharing should be piloted, including not only deeper cover MI, but also greater use of lender recourse.” –MBA President and CEO David Stevens, CMB, in a letter to Federal Housing Finance Agency Director Mel Watt. 

“MBA commends the full House for its strong bipartisan vote to pass the Neugebauer-Huizenga amendment and remove from the highway bill an extension of higher Fannie Mae and Freddie Mac guarantee fees that would have served as a tax on homeownership, as well as a harmful reduction in the dividend paid on Federal Reserve bank stock.”
–MBA President and CEO David Stevens, CMB. 

“Lenders consistently tell us that concerns about repurchases limit their willingness to lend, so we’re trying to put those concerns to rest. By pursuing repurchase alternatives and providing clarity on significant defects we aim to help lenders serve the market confidently, efficiently and profitably.” 
–Andrew Bon Salle, executive vice president of single-family business with Fannie Mae.

“Prohibiting Treasury from selling their shares of senior preferred stock in the GSEs will ensure that Congress has the final say in any comprehensive housing finance reform plan. With taxpayers currently backstopping the U.S. housing finance system, the GSEs should not be allowed to recapitalize without congressionally approved reforms in place.”
–From an MBA/trade group letter to House members ahead of a vote on legislation related to Fannie Mae and Freddie Mac.

“A temporary legal safe harbor for lenders will ensure the new requirements are implemented in an orderly manner and that consumers are not confused or, worse yet, impaired in their ability to purchase a home or refinance a loan.”–From an MBA Mortgage Action Alliance Call to Action urging support for House legislation that would give lenders a safe harbor period for compliance with new TILA/RESPA Integrated Disclosure rules. 

“It is important to remember that economic cycles are, by definition, cyclical. The current upturn commercial real estate has been enjoying since 2009 will eventually come to pass and the commercial mortgage-backed securities market can ill afford to forget the tough lessons learned in previous cycles.”–Fitch Ratings Managing Director Huxley Somerville.