Servicing Newslinks Archive

“At this point last year, many of you were experiencing real and legitimate growing pains around the new rule. But we have continued to work closely with the Mortgage Bankers Association and other stakeholders to smooth the implementation process. We have clarified and addressed many issues over the past year, and we have been working with investors, due diligence firms and the rating agencies to help make sure that any minor or technical errors made on the forms do not pose unnecessary obstacles to purchasing the loans.”–Consumer Financial Protection Bureau Director Richard Cordray, speaking at the recent MBA Annual Convention & Expo.

“The housing market continues to normalize and move towards pre-crisis levels. We are extremely pleased to see the industry remain committed to preserving homeownership and helping homeowners avoid foreclosure.” –Eric Selk, executive director of HOPE NOW

“We recognize that the CFPB does important work to protect consumers and that this case is far from settled and expect the government to continue to litigate it. We will continue to fight on behalf of our members, particularly on the RESPA and due process issues, as they go to the heart of a core argument that MBA has been making for several years now–that lenders need clear, consistent and reasonable interpretations of the rules in order to be able to best serve their borrowers and contribute to a smoothly functioning real estate market.”–Mortgage Bankers Association President and CEO David Stevens, CMB, on a U.S. Appeals Court decision ruling the Consumer Financial Protection Bureau’s current leadership structure as “unconstitutional.”

“People used to consider paying off their mortgage as the top priority when managing their debt. However, credit cards are increasingly being thought of as the new top priority and because of this, over-purchased consumers are more willing to walk away from their house now than they were in previous years.”–Mark Damon, senior vice president of AutoPilot services with SWBC, San Antonio, Texas.

“On one hand the government tells us not to lend outside a very prescriptive box,” he said. “On the other hand, lenders are chastised for being too selective. This regulatory confusion significantly increases litigation risk. Through your risk management efforts, you balance these mandates, which are crucial to the health and longevity of our businesses and our industry.”–MBA Vice Chair J. David Motley, CMB.

“MBA’s task force recognizes that the industry, borrowers and investors need a successor to HAMP that is consistent and can be widely scaled. Application of the Task Force’s principles and the ‘One Modification’ or ‘One Mod’ will go a long way towards offering deep payment relief for struggling homeowners and a positive economic outcome for investors.”
–Pete Mills, Senior Vice President of Residential Policy and Member Services with the Mortgage Bankers Association.

“The commercial mortgage-backed securities market is seeing far more loans paying off and paying down than new loans being originated.”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

“Housing is one-fifth of the gross domestic product in this country. It should be one of the top five economic platforms of any President’s agenda.” –MBA President and CEO David Stevens, CMB.

“For most capital sources, commercial and multifamily mortgage delinquency rates are near the lowest levels seen during the past 20 years. Strong property fundamentals, rising property values and solid mortgage availability are all supporting these rates.”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

“This new offering will give borrowers the opportunity to refinance when rates are low, making their mortgages more affordable and thus reducing credit risk exposure for Fannie Mae and Freddie Mac.”–Federal Housing Finance Agency Director Mel Watt.