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St Louis Mortgage Lending and Commercial Mortgage News: MBA – CEO Testifies
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David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), testified before the Senate Committee on Banking, Housing and Urban Affairs’ Subcommittee on Housing, Transportation and Community Development on “The Need for National Mortgage Servicing Standards.”
Following are portions of his remarks: “Presently, servicers face a growing number of checks and balances, ranging from federal laws and regulations, such as RESPA and TILA, to fifty state laws, regulations, and local ordinances, as well as court rulings and FHA, VA, and Rural Housing servicing requirements. These requirements are in addition to Fannie Mae standards, Freddie Mac standards, and other contractual obligations. In short, servicers are faced with complex and often contradictory rules and regulations, many of which are still emerging.”
“What is the answer? A consolidated servicing standard that could drive these reforms. Creating an industry standard would streamline and eliminate many of these overlapping requirements, providing clarity and certainty for borrowers, lenders and investors alike. It is critical that all of the federal regulators involved act in a coordinated manner to establish one national consolidated servicing standard that applies to the entire industry, rather than piling on requirement after requirement.”
“A national standard should start with a complete analysis of existing servicer requirements and state laws governing foreclosures. Development should include an open dialog with stakeholders in the servicing arena, all of whom must ultimately implement and comply with the national standard. MBA has initiated this process by convening a blue-ribbon Council on Residential Mortgage Servicing. That Council examined the entire servicing model and is forming recommendations to improve the system for all stakeholders.”
He continues: “I am pleased to announce that we are releasing the preliminary White Paper from the Council today and ask that it be included as part of my written testimony. In the White Paper, the Council aims to examine the current servicing model, address public misconceptions relating to servicing practices and incentives, and educate the public on the role and compensation of servicers. I believe this White Paper will provide useful information to you and other policymakers that are currently debating national servicing standards.”
“I encourage this subcommittee to use MBA and it’s Council on Residential Mortgage Servicing as a resource going forward. In conclusion, as we develop servicing standards, I will urge you to pay careful attention to the interdependence of servicing and the impact that changes to the servicing system will have on the economics of mortgage servicing, tax and accounting rules and regulations, and the effect of the new requirements on Basel capital requirements and on the TBA market. Servicing does not exist in a vacuum; instead it is part of a broader ecosystem which involves all the varied elements of the mortgage industry.”
He concludes: “The housing market remains fragile. Therefore, when considering changes to the current model, policy makers must be mindful of unforeseen and unintended consequences that could ultimately result in higher housing costs for consumers and reduced access to credit.”
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