By KIMBERLEY HAAS
Members of the Mortgage Bankers Association are gathered in Washington this week to advocate for legislative reforms that could benefit the industry and consumers.
The National Advocacy Conference started on Tuesday morning at the JW Marriott with a general session about the current political landscape. Robert Broeksmit, president and CEO of the MBA, told those in attendance that elected representatives want to know what is happening in their states and how they can better serve their constituents.
While highlighting victories for the industry, Broeksmit said he was delighted that Federal Housing Administration Commissioner Julia Gordon announced a reduction in mortgage insurance premiums at the MBA Servicing Solutions Conference & Expo in Orlando this past February.
It’s a move the association encouraged and is expected to benefit hundreds of thousands of borrowers this year.
“It was the right thing to do and we finally got it done so I’m very excited about that,” Broeksmit said.
Broeksmit said some of the changes that took place to accommodate homeowners during the pandemic have sparked industry leaders to rethink how they could treat borrowers who fall upon hard times now and in the future.
“If a borrower is unable to make payments for a discreet period of time, gets back on his or her feet, and is able to make them again, they won’t make you make up the missed payments right away, which is very hard for many borrowers living paycheck to paycheck,” Broeksmit explained.
Broeksmit said some key talking points for MBA members who will be meeting with their elected representatives this week include remote online notarization, using technology for appraisals, the harm related to trigger leads, and increasing homeownership opportunities for low- to moderate-income borrowers.
Attendees who signed up to lobby on policy issues will be visiting Capitol Hill on Wednesday.
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