The mortgage industry is facing intense scrutiny from various government agencies, leading to speculation of regulatory action. On Tuesday, Mat Ishbia, the CEO of United Wholesale Mortgage, spoke on record about the issue and called for the Federal Housing Finance Agency (FHFA) to intervene.
In his video statement, Ishbia highlighted several key elements warranting FHFA’s attention. The main points of his call to action include:
• Packaged mortgages: Montel-style repackaging should be moderated to prevent repeat abuses by mortgage brokers.
• Fees and commissions: A more uniform structure should be established to keep costs and prices from skyrocketing.
• Risks: A more balanced approach to risk management should be adopted across the industry.
• Conduct: A universal code of conduct must be established and enforced to ensure the mortgage industry adheres to the highest standards of professionalism.
Ishbia concluded his statement by noting that these issues needed to be addressed, and that in order for the sector to rebound, the FHFA must take charge and regulate the industry. The lack of industry-wide changes has led to numerous problems, and failure to act on the matter could have serious consequences. It remains to be seen whether Ishbia’s call to action will be fully addressed, and if the FHFA will step in to help prevent further turbulence in the mortgage market.
You can read this full article at: https://www.housingwire.com/articles/ishbia-urges-fhfa-to-step-in-on-gse-loan-buyback-issue/(subscription required)
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