david motley president colonial savings fort worth mortgage bankers association january 14, 2015
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David MotleyPresidentColonial Savings
Fort Worth Mortgage Bankers Association
January 14, 2015
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Happy New Year from FHA!
MIP reduced by .50
- Effective with Case Numbers obtained on and after 1/26/15
- Available for loans with terms > 15 years
Process
- Existing case numbers may be cancelled beginning on 1/15/2015
- This Temporary process must be completed by 2/26/2015
- Appraisals ordered under old case numbers may be used with new case number
- Additional instructions in ML 2015-01
Suggest
- Identify status of each FHA loan in pipeline
- Compare contract dates and MIP change dates
- Discuss options with Applicants
- Listen to the FHA call Thursday afternoon at 2pm ; 866-233-3842; code 350538
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And did you see this yesterday from CFPB??
CFPB Launches 'Unbiased' Mortgage Rate Tool
by Rachel Witkowski
JAN 13, 2015 12:01am ET
Let’s Check Our Pulse
Systemic Shift
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A Picture Tells Our Story
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Estimated Residential Originations
Source: MBA – October 2014 Mortgage Finance Forecast
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The Regulatory Ecosystem
Author of Policy/Rule/Regulation
Stakeholder of Policy/Rule/Regulation
DISCLAIMER: The policies/rules/regulations shown, as well the corresponding authors/stakeholders, are illustrative and thus may not be an exhaustive list.
…for what has become a very complicated web of relationships and interdependencies.
Confidential: Not for Distribution
Origination Servicing
Securitization/Secondary Markets
CFPB
FHFA/GSEs
HUD/FHA
HUD/FHEO
DOJ
Federal Reserve
FDIC, OCC, SEC
ATR/QM
LO Comp
Appraisals
HMDA
RESPA/TILA
Escrow
HPML
SAFE
Servicing Standards
Loan Limits
G Fees
Buybacks
LLPAs
Disparate Impact/Fair Lending
Basel
Risk Retention/QRM
MIP Policy
Indemnification
QC Policy
False Claims
Minimum Servicing Fees
Volcker Rule
Reg AB
Margin Rule
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Q1
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Q2
(1,000)
(500)
0
500
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2,000
2,500
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70 Change in Owner Households Change in Renter Households Homeownership Rate (right)
Source: Mortgage Bankers Association and Census Bureau
Thousands of households
Homeownership rate (%)
Owner- and Renter-occupied Households & Homeownership Rate
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Estimated Residential Originations
Source: MBA – October 2014 Mortgage Finance Forecast
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First-time Homebuyers – Only 29%
Source: National Association of Realtors
Jan-
09
Mar
-09
May
-09
Jul-0
9
Sep-0
9
Nov-0
9
Jan-
10
Mar
-10
May
-10
Jul-1
0
Sep-1
0
Nov-1
0
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep-1
1
Nov-1
1
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-1
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Nov-1
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Mar
-13
May
-13
Jul-1
3
Sep-1
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Nov-1
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Mar
-14
May
-14
Jul-1
4
Sep-1
40%
10%
20%
30%
40%
50%
60%
Share of First Time HomebuyersAs percent of home sales
NORMAL RANGE
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Lower Credit Borrowers In GSE Purchase Market – Declined & Not Returned
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%19
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% o
f P
rim
e G
SE
Pu
rch
ase M
ark
et
620-720 FICO Share Of GSE Purchase
Source: U.S. Mortgage Insurers
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Entry-level Housing Market Still Weak
Source: MBA application data and MBA analysis of NAR data
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Minorities Will Account for Three-Quarters of Household Growth Over the Coming Decade
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THE CHALLENGE:
BRINGING OUT THE FIRST-TIME HOMEBUYER
15Source: FRBNY / Equifax
Challenge: The Delay
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Student Loans Have Driven Up Consumer Debt Burdens
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Making the Dream a Reality?
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What We Need To Do
1. Get Finalized• GSE 97% LTV product—done!!• Up-front risk sharing—let the MI companies take a
bigger piece of the risk —limited experience
2. Fixing the Rules• Regulation-induced credit overlays. Need more clarity• Rep and Warrant relief --in the works
3. Access to Credit• Opportunity Gap—reach out to the future household
4. FHA – Increase Availability & Affordability
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A couple of things you can do:
- Support the Mortgage Political Action Committee ( MORPAC)
- Join the Mortgage Action Alliance
How can you help??”
Mortgage Bankers AssociationPolitical Advocacy Programs
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Mortgage Action Alliance (MAA)
The easiest way to become a industry advocate is to join
the Mortgage Action Alliance.
The Larger the Group, the Louder the Voice
300,000 real estate finance professionals
8,800 MAA members
633 active members from TX
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Mortgage Action Alliance (MAA)
Why Me?YOU are a leader in your community
YOU are an expert in your field
YOU are the person that your elected officials want to
hear from
If not YOU, then who?
Every day they are making decisions about your
business – don’t let them do it without your input.
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Mortgage Action Alliance (MAA)
How Can I Help?Join MAA TODAY
Run an enrollment campaign at your company –
send an e-mail with the registration link
Promote Calls to Action with your industry friends and
colleagues
Attend National Advocacy Conference in April, 2015
Make an effort to regularly communicate with your
legislative representatives
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Mortgage Action Alliance (MAA)
Advocacy Test CaseEarlier in 2014 the Senate took up a flood insurance bill
Merkley Amendment – added duplicative federal oversight to the force-
placed flood insurance process
MBA’s response: Federal lobbying efforts Industry coalition letter MAA Call to Action – 400 members took action
Between lobbying, coalition and MAA member action, Merkley withdrew
his amendment
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Mortgage Action Alliance (MAA)
MAA Allows You To…
Stay informed about the latest industry-related legislation and
regulations
Be heard by giving you the tools to quickly and easily communicate
with your legislators
Play an integral role in MBA’s overall advocacy efforts
Amplify your voice by connecting you to a national network of industry
professionals who share your concerns and priorities
Build relationships with elected officials
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MORPAC
The ONLY political action committee (PAC) representing the entire real
estate finance industry.
MORPAC is a vehicle that allows us to pool our individual contributions
together to help elect and re-elect Members of Congress who
understand and listen to our industry’s concerns.
MORPAC is non-partisan.
MORPAC is another avenue we have to speak up in Washington. It is
crucial that our industry’s voice is heard, and our policymakers need to
be educated and informed about the potential benefits and
consequences legislation could have on the real estate finance industry.
In order for MORPAC to have a strong voice, we need the participation
of the members of the MBA.
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MORPAC
MORPAC by the Numbers
MORPAC is made up of over 1,000 unique industry
professionals giving individual contributions
MORPAC has gave over $1.3 million in contributions to
over 200 members of Congress and candidates
MORPAC Raised $1.43 million in the 2013-2014 cycle – a
new record by over $170,000.
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This is a Great Business!
1) Credit Expansion – Nowhere to go but Up!
2) More Professional Industry• Viable for all lenders – small to large• Dedicated expertise to manage the complexity
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