Servicing Newslinks Archive

“In a sense, the Appeals Court is saying that the entire statute is invalid, given its impact on a lender’s constitutional due process rights. This ruling should be very persuasive authority before the Nevada Supreme Court. A federal court demonstrated how the U.S. Constitution is affected by the Nevada statute. If the Nevada Supreme Court comes back and says it concurs with the Appeals Court, countless pending cases will be resolved in federal and state court.”–Scott Nowak, assistant director of state government affairs with the Mortgage Bankers Association.

“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.

“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.

“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.

“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.

“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.

“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.

“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.

“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.

“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.