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April 13, 2012
The regulators remained hard at work this week, and MBA submitted comment letters on three proposed rule makings affecting the industry. Members of the House and Senate spent this week in their home states and will return to session on Monday, while MBA's National Advocacy Conference will take place next Wednesday and Thursday here in Washington. NAC attendees will hear from several key policymakers and will visit Capitol Hill on Thursday to meet with their Senators and Members of Congress. During those meetings, MBA members will encourage Congress to take steps to restore certainty to real estate finance, strengthen the market to attract private capital, and ask that Congress refrain from using increased fees and taxes on housing to pay for unrelated spending.
In this Issue:
MBA National Advocacy Conference Next Week
MBA looks forward to welcoming an impressive group of speakers to its National Advocacy Conference next week including the Secretary of Housing and Urban Development, Shaun Donovan; Senate Banking Committee member Senator Mark Warner (D-VA); and two members of the House Committee on Financial Services: Representative Maxine Waters (D-CA) and Representative Randy Neugebauer (R-TX). Registration is still open for the conference. For more information or to register, please click here.
MBA Comment and Congressional Letters:
MBA Sends Comments to CFPB on Monthly Mortgage Statement
On April 10, 2012, MBA sent comments to the Consumer Financial Protection Bureau (CFPB) in response to the Bureau seeking input on a draft monthly mortgage statement. MBA's comments were developed by the MBA Loan Administration Committee and its In-House Servicing Counsel Workgroup. In its comments, MBA explains that flexibility is the number one concern, explaining that, "the model form should be truly a 'model' that details the required information that must be included on a statement and not a required format for the statement." Additionally, it emphasizes the importance of the Coupon Book Exemption and suggests that the exemption should be expanded to include electronic statements. For more information, please contact Sandra Troutman at (202) 557-2858.
MBA Sends Letter to Fannie Mae Concerning Lender Placed Insurance
On April 6, MBA sent a letter to Fannie Mae expressing concern with Fannie Mae's new requirements for lender placed insurance announced in SVC 2012-04. MBA asked for delay of the June 1, 2012, deadline. In addition, the letter highlights concerns that will affect consumers, questions about legal conflicts and concerns about litigation risk. MBA will host an informational call with FNMA in April. For more information, please contact Vicki Vidal at (202) 557-2681.
Industry Developments:
Senator Shaheen Letter to FHFA Director DeMarco
Senator Jeanne Shaheen (D-NH) sent a letter this week to acting Federal Housing Finance Administration (FHFA) Director Ed DeMarco calling on the FHFA to set clear guidance on GSE repurchase procedures and establish a mechanism to allow small lenders to more easily appeal repurchase demands. For more information, please contact Brad Cheney at (202)557-2913.
Consumer Financial Protection Bureau Releases Bulletin concerning Servicing
For more information, please contact Ken Markison at (202) 557-2930.
CFPB Announces Rulemaking Plans for Servicers
On April 10, 2012, the CFPB issued an announcement outlining its plan to issue rules on servicing matters. The proposed rules will be issued this summer with a final rule issued by January 21, 2013 and a possible one year implementation period. The proposal will cover a number of areas including: monthly statements, interest rate adjustment notices, lender-placed insurance, early intervention to avoid foreclosures, crediting of payments, record keeping, error correction and QWRs, and communications with borrowers to prevent foreclosure (SPOC). For more information, please contact Vicki Vidal at (202) 557-2861.
Congressional Hearings:
April:
17- The Senate Committee on Banking, Housing and Urban Affairs will have a hearing entitled "Export-Import Bank Reauthorization: Saving American Jobs and Supporting American Exporters". The mark up will begin at 10 am in room 538 Dirksen Senate Office Building.
18- The full House Financial Services Committee will meet to mark up a Discussion Draft of H.R. ____, the Affordable Housing and Self-Sufficiency Improvement Act of 2012 and a Committee Print of budget reconciliation legislative recommendations of the Committee on Financial Services. The mark up will begin at 10 a.m. in room 2128 Rayburn House Office Building.
19- The full House Financial Services Committee will meet to mark up budget reconciliation legislation and a bill to improve the Section 8 housing voucher program. The mark up will begin at 10 a.m. in room 2128 Rayburn House Office Building.
Click here for Upcoming MBA Conferences and Events |
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Don't miss these great MBA/MW Events
- Become a CMB (Certified Mortgage Banker): A FREE Conference Call Seminar on April 20 (Residential & Commercial)
- Navigating Today's Mortgage Environment on May 1(Residential)Choose to attend morning seminar in VA or afternoon seminar in MD.
- Commercial Real Estate Finance Council's Spring Real Estate Update on May 3 in Washington, DC (Commercial)
- Spring Golf Outing in June 7 at 1757 Golf Club in Dulles, VA (Commercial & Residential)
- Mid-Atlantic Lender/Broker Conference on October 18 (Residential)
Location: Waterford at Fair Oaks, Fairfax, VA
Exhibitor and Sponsorship registration is now open. Click here for details. Visit our website for additional details and to register: www.mbamw.org |
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Mortgage Bankers Association of Metropolitan Washington PO Box 1522, Olney, MD 20830-1522 (301)924-0633 fax (301)924-4124 info@mbamw.org www.mbamw.org   
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