MBA’s Stevens: Final risk retention rule works for mortgage bankers

Robert E. Story Jr., CMB, chairman of the Mortgage Bankers Association (MBA) has issued the following comment reacting to passage of S. 3217, the Restoring american financial stability Act of 2010: "MBA has long supported a more efficient regulatory regime for the financial services industry, and passage of the bill is another important milestone.

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1 The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership

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The Consumer Financial Protection Bureau has expressed its intent to announce its final decision on what constitutes a qualified mortgage this year. This, in turn, will give the industry some insight into what can be expected to define a qualified residential mortgage (QRM), according to Fitch Ratings.

The fact that the residential mortgage industry received its announcement on the new Qualified Mortgage (QM) rule-which also focuses on risk retention-earlier this month is a sign that.

Jan 16 2013, 5:05PM. David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), told member of the Exchequer Club on Wednesday that in the 12 months since he last addressed them there had been some progress in clearing the uncertainty of a year earlier and an improving housing market.

Mortgage Markets Committee. The ABA Mortgage Markets Committee will hold a meeting in Washington, DC on October 1-3, 2018. Reach out to Rod Alba for more details.

The final rule aligns the QRM definition with that of a Qualified Mortgage as defined earlier by the Consumer Financial Protection Bureau (CFPB). The final rule also does not require any risk retention for securitizations of commercial mortgages, automobile loans or commercial loans if they meet specific standards for high quality.

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I. Risk Retention and Qualified Residential Mortgages The ability to repay rule and the credit risk retention rule are the two most significant mortgage-related rules to come out of Dodd-Frank. Both of these rules have been proposed and comments are due on July 22 and August 1 respectively. Because they

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