MBA’s Stevens: Final risk retention rule works for mortgage bankers

Loretta Salzano advises banks, mortgage lenders, real estate brokers, title agents and other settlement service providers on how to increase their business while remaining within the confines of the laws of all 50 states and federal law including, but not limited to, TILA, RESPA, ECOA and HMDA.

Jan 16 2013, 5:05PM. David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), told member of the Exchequer Club on Wednesday that in the 12 months since he last addressed them there had been some progress in clearing the uncertainty of a year earlier and an improving housing market.

What is a Mortgage Servicing Right (MSR)? By definition a Mortgage Servicing Right , herein referred to as MSR(s), is a contractual agreement where the right, or rights, to service an existing mortgage are sold by the original lender to another party who, for a fee, performs the various functions required to service mortgages.

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final risk retention rules are congressionally-mandated by April 71, 2011, runs the risk of giving short-shrift to two highly complex and critically important issues. These issues deserve the careful consideration and debate that can only be achieved if they are addressed separately, especially given the approaching deadline for section 941 rules.

The Consumer Financial Protection Bureau has expressed its intent to announce its final decision on what constitutes a qualified mortgage this year. This, in turn, will give the industry some insight into what can be expected to define a qualified residential mortgage (QRM), according to Fitch Ratings.

In the first draft of the so-called risk retention rule, the regulators said that such a loan would, among other things, have a down payment of at least 20 percent. But after mortgage bankers and other groups asserted that this could restrict credit, the down-payment requirement was left out of the rule completed this week.

Mortgage Markets Committee. The aba mortgage markets committee will hold a meeting in Washington, DC on October 1-3, 2018. Reach out to Rod Alba for more details.

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Mortgage Bankers Association (MBA)’s (collectively "the Associations") strong support for the extension of the transition provisions of the Basel III capital requirements related to mortgage servicing assets (MSAs) for banks that are not subject to Basel’s advanced