WASHINGTON, D.C. – April 10, 2012 – (RealEstateRama) — David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), today issued the following statement after the announcement by the Consumer Financial Protection Bureau (CFPB) that it intends to propose rules for residential mortgage servicers this summer.
“National standards that apply to all residential loan servicers have the potential to create more confidence and certainty in the real estate market for both borrowers and servicers alike. Borrowers would be protected by a single standard regardless of where they live and servicers would have one set of rules to comply with everywhere they operate.
“The reforms that Director Cordray outlined appear to closely track the issues we have talked to him and the CFPB staff about and MBA looks forward to working with the CFPB and other policymakers and stakeholders to ensure that the process used to develop the standards includes servicers of different sizes and business models. It is important that the final rules don’t give preference to one business type over any other, nor should they inhibit innovation or discourage new companies from entering the marketplace.”
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.