The Mortgage Collaborative (TMC) recently spearheaded a crucial Advocacy Committee trip to Washington, DC, showcasing their commitment to representing the interests of independent mortgage bankers and depository lenders amidst significant policy shifts. Here's a breakdown of their impactful engagements with key federal agencies:
Empowering Lenders Through Dialogue
During a pivotal meeting with the Consumer Financial Protection Bureau (CFPB), TMC members delved into pressing issues such as 'junk fees' and loan officer compensation. The dialogue centered on enhancing flexibility in compensation regulations to bolster margins and foster healthy market competition.
Navigating FHA Policies
Discussions with the U.S. Department of Housing and Urban Development (HUD) revolved around FHA life of loan mortgage insurance premiums and the feasibility of expanding FHA guidelines for 100% financing. While HUD maintained its current stance, they expressed openness to exploring new programs pending congressional approval.
Advocating for Industry Solutions
The Federal Housing Finance Agency (FHFA) pledged to investigate repurchases and introduced an advocacy advisory committee to address pertinent industry concerns effectively. Furthermore, FHFA highlighted efforts to mitigate homeowners/flood insurance costs in high-cost areas.
Insights from Freddie Mac and Fannie Mae
Freddie Mac and Fannie Mae reassured TMC members of their commitment to streamlining appraisal-related processes and enhancing appraisal certainty. They also detailed the transition to a new credit model, emphasizing the seamless nature of the shift and offering insights into forthcoming borrower assessment tools.
TMC's productive interactions with Ginnie Mae, FHFA, and other key stakeholders underscore their dedication to championing lender interests and fostering a collaborative industry environment. By facilitating meaningful conversations and advocating for practical solutions, TMC continues to play a pivotal role in shaping the future of mortgage lending.
About The Mortgage Collaborative:
The Mortgage Collaborative (TMC) is a dynamic organization dedicated to supporting mortgage lenders nationwide by providing networking opportunities, educational resources, and advocacy initiatives. To learn more about their impactful work, visit https://www.mortgagecollaborative.com/