WASHINGTON, D.C. – February 10, 2012 – (RealEstateRama) — The Mortgage Bankers Association (MBA), issued the following statement upon news of an agreement between state and federal officials and five large residential mortgage servicers.
Said David H. Stevens, President and CEO of MBA,
“A final agreement can play an important role stabilizing and providing certainty and confidence to the housing and mortgage markets. With all the rumors and speculation surrounding these negotiations behind us, it is now imperative that policymakers, lenders, servicers and other stakeholders work together on policies and initiatives that will allow us to get the housing market on the road to recovery.
“I would caution, though, that, while a positive step, this will not be a panacea for all that ails housing. There are a number of other issues that we need to resolve. This includes striking the appropriate balance between consumer protection and access to affordable credit for qualified borrowers in the QM and QRM rulemakings, and facilitating the return of private capital to the mortgage market by comprehensively addressing the future of the GSEs and the government’s role in the secondary market.”
Added Debra W. Still, CMB, Chairman of MBA’s Council on the Future of Residential Mortgage Servicing in the 21st Century,
“The standards in this settlement can provide a framework for a national servicing standard that would provide borrowers with equal protections, regardless of where they live, and would give lenders a single set of rules governing how they interact with their customers. If done properly, and in recognition of different business models, a nationwide standard would provide renewed confidence in the system and encourage qualified borrowers to jump back into the housing market.”
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 2,200 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. For additional information, visit MBA’s Web site: www.mortgagebankers.org.