WASHINGTON, D.C. – April 7, 2011 – (RealEstateRama) — On Tuesday, April 5, 2011, the Mortgage Bankers Association (MBA) sent the attached letter to Treasury Secretary Timothy Geithner, HUD Secretary Shaun Donovan and Federal Housing Finance Agency (FHFA) Director Edward DeMarco expressing MBA’s strong reservations about the stated timetable to revamp the fee structure for residential mortgage loan servicing.
In the letter, MBA President and CEO John Courson requests officials ensure that final decisions not be rushed, the industry be allowed sufficient time and opportunity for input and industry questions be answered before the proposal is finalized. Appended to the letter is a series of questions that MBA and its members have identified from the proposal.
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.