Mortgage Bankers Association CEO David Stevens explained that while Washington now has many new faces, his job remains the same as he continues to work with politicians to lobby for the interests of mortgage professionals.
Steven explained what the next steps will be now that Ben Carson is officially confirmed as secretary of the Department of Housing and Urban Development, following the Senate vote (58-41) Thursday morning.
Sevens explained the MBA is leading the charge on several issues within the industry, mentioning that these are his top three priorities:
1. Getting clarity of what reps and warrants could pose the greatest risk to a lender
Stevens explained that means getting the taxonomy and working on the remedies associated with house errors are ranked in the taxonomy approach. He explained the MBA will seek to give the industry better clarity.
2. What are we going to do about mortgage insurance premiums?
Steven explained there is a disconnect between the previous and current administration’s approach to mortgage insurance premiums.
“The previous secretary had lower premiums, and that was obviously reversed under executive order,” he said.
Stevens explained it is necessary to understand the structure of the MMI fund in order to understand what should be done about mortgage insurance premiums and what should be done that won’t risk the fund to congressional over reaction.
3. Servicing issues – loss mitigation
Stevens explains the MBA will continue to look for ways to help make it easier for consumers in distress and protect the Federal Housing Administration.
Stevens also talks about other new cabinet members the MBA will work with including Treasury Secretary Steven Mnuchin. He explains the MBA will work with Mnuchin on several issues including bringing mortgage giants Fannie Mae and Freddie Mac out of conservatorship.
The MBA ended the video by ensuring “We are still working diligently on a lot of these issues and there will be a lot of new faces but we will be front and center with all of them.”