The Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit delivered an impassioned speech at the MBA Annual in Philadelphia, emphasizing the need to take action amidst an industry of chaos and confusion. Broeksmit urged the industry to take control of its destiny before matters got out of hand and implored his fellow industry members to draw a line in the sand and stand by it.
During his speech, Broeksmit discussed a number of rising issues that threaten to upend the mortgage industry. He warned of the nuances in regulation of the qualified mortgage, as well as an increase in civil litigation fueled by the Consumer Financial Protection Bureau, and falling housing affordability rates due to rising costs of housing.
Broeksmit’s speech highlighted the importance of maintaining control of the industry’s destiny in the face of coming challenges. He encouraged his fellow industry members to:
• Take an active role in the regulation of qualified mortgages
• Respond with strength to a rise in civil litigation
• Engage in advocacy at the local, state, and national policy making levels
• Make sure policies promote homeownership and housing affordability
• Stay mindful of the long-term effects of short-term remedies
These discussions serve to highlight the importance of strengthening the mortgage industry’s approach to dealing with regulation, civil litigation, and housing affordability, and demonstrate the need for decisive and consistent industry action in order to protect the sector from further damage. Broeksmit’s passionate plea showed the urgency of addressing these issues while also pressing the importance of protecting the long-term health of the mortgage industry.
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