In a recent interview with HousingWire, key leaders from the Mortgage Bankers Association (MBA), National Housing Conference (NHC), and Community Home Lenders Association (CHLA) came together to discuss the pressing issue of housing affordability and strategies to tackle it in 2024. The conversation, led by these industry experts, shed light on the challenges faced by potential homebuyers due to rising home prices and limited housing supply. Here are the major takeaways from their discussion:
• Urgent need for increased housing supply: The leaders emphasized the crucial role of supply in improving housing affordability. They discussed the importance of implementing policies that incentivize construction and promote the efficient use of land.
• Addressing regulatory barriers: To make housing more affordable, the panel highlighted the need to address regulatory barriers that contribute to the increased cost of housing. They called for a coordinated effort among industry stakeholders, policymakers, and regulators to streamline and simplify regulations without compromising consumer protection.
• Expanding access to credit: Improving housing affordability requires expanding access to credit while ensuring responsible lending practices. The leaders stressed the importance of finding a balance between opening up credit opportunities for underserved communities and maintaining prudent underwriting standards.
• Innovative solutions and partnerships: The conversation emphasized the importance of collaboration among industry participants, government agencies, and non-profit organizations to develop innovative solutions. The leaders discussed the potential of public-private partnerships, innovative financing models, and technology-driven initiatives to address housing affordability challenges effectively.
Through this insightful discussion, these industry leaders demonstrated their commitment to finding viable solutions to the housing affordability crisis that continues to impact communities across the nation. With a focus on increasing housing supply, addressing regulatory barriers, expanding credit access, and fostering collaboration, they aim to make substantial progress in improving affordability for aspiring homeowners in 2024.
You can read this full article at: https://www.housingwire.com/articles/housing-association-leaders-talk-about-the-affordability-landscape-2024-priorities/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.