Following HousingWire's coverage of the prepared remarks of Mortgage Bankers Association CEO David Stevens' speech at the MBA's Secondary Markets Conference & Expo, a Twitter war developed, as recounted by Paul Jackson

The MBA has since issued the following statement.

David H. Stevens, president and CEO of the Mortgage Bankers Association, issued the following statement standing by the methodology MBA used to calculate loan denial rates from the 2012 HMDA data.

“MBA stands by its analysis of HMDA data, and frankly we are disappointed at the direction of the debate which obscures the alarming trend for African American borrowers. MBA's methodology for analyzing HMDA data accurately determines denial rates and captures market trends. With respect to loans in the conventional space, we conduct a thorough and time-consuming, application-level analysis at the county level in order to ensure we capture only those conforming purchase loans that are non-jumbo.

“MBA includes manufactured housing (MH) data in its calculation because MBA members lend on this collateral, and both GSEs have MH loan programs and tout these programs as means to provide affordable homeownership to lower and moderate income homebuyers. MBA effectively eliminates ‘chattel’, a type of MH property that the GSEs do not fund, by ensuring that only loans which are deemed “conventional” in the “loan type” field are counted.

"MBA includes preapproval denials in our calculation. Preapprovals represent a credit check of a borrower who has not yet identified a property. Being denied at this stage is an important signal of availability of credit. A denial is a denial, regardless of where in the loan process it occurs. The fact remains that of the 128,367 purchase mortgages made to African Americans in 2012, only 35,624 were conventional, non jumbo.

“We appreciate that analysts may use different assumptions in doing their calculations on HMDA data, and we believe that ours represents an accurate perspective on market dynamics.”