MBA Statement on FHA’s Annual Report to Congress

MBA Statement on FHA’s Annual Report to Congress

WASHINGTON, D.C. (November 17, 2017) – (RealEstateRama) — David H. Stevens, CMB, President & CEO of the Mortgage Bankers Association, issued the following statement regarding FHA’s Annual Report to Congress.

“FHA and its leadership should be commended for their continued commitment to improving the value of the FHA single-family MMI fund. The drop in the capital reserve ratio, primarily due to the extreme volatility of the HECM program, demonstrates that the Trump Administration was wise to reverse the MIP reduction made in the last days of the previous Administration. Had the reduction remained in place, the value of the MMI fund would have more than likely dropped below the legal statutory 2% threshold.

“Today’s report further reinforces the need for policymakers and Congress to seriously consider whether or not the HECM program should be included in the MMI fund going forward. Removing it would strengthen the MMI fund, give a more accurate look at the health of FHA’s forward book of business and could allow for the consideration of a mortgage insurance premium reduction.”

CONTACT
Rob Van Raaphorst

(202) 557- 2799

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MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

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