Robert Broeksmit is president and CEO of the Mortgage Bankers Association. A Certified Mortgage Banker, he is a senior finance executive and corporate officer with a 33-year career in the mortgage sector. Prior to joining MBA in 2018, Broeksmit served as president and COO at Treliant. Before Treliant, he held senior leadership positions in the mortgage business, including 14 with Chevy Chase Bank, where he was EVP and president of its B.F. Saul Mortgage Company subsidiary.
The industry should pay attention to bipartisan legislation that would permit lenders to move away from outdated, static requirements and instead document borrower income and debt through the government-approved methodologies already in place in the GSE guides or the FHA, VA, and USDA handbooks.
According to Verizon’s 2019 Data Breach Investigations Report, 10% of the 2,013 breaches that occurred in 2018 were within the financial industry. Personal data was compromised in 43% of those breaches, which were largely attributed to privilege misuse, errors or unsecure web applications.
Rising interest rates often cause homebuyers to think twice about moving forward with a mortgage. In April, mortgage applications fell more than 7% after 30-year fixed mortgage rates reached a high for the month.