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Mortgage Industry Groups Provide Feedback on Universal Mortgage-Backed Security

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News, Secondary Market The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Share Save Home / Daily Dose / Mortgage Industry Groups Provide Feedback on Universal Mortgage-Backed Security FHFA Lending UMBS 2020-01-23 Seth Welborn Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: The Industry Pulse: Updates on New Hires and Partnerships Next: Supreme Court Offers Ruling on Bankruptcy Appeals Case Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Mortgage Industry Groups Provide Feedback on Universal Mortgage-Backed Security Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Week Ahead: Nearing the Forbearance Exit 2 days ago Mortgage-related trade organizations have begun to weigh in on Uniform Mortgage-Backed Security (UMBS) pooling practices, responding to a Request for Input (RFI) released by the Federal Housing Finance Agency (FHFA). In order to function properly, Fannie Mae and Freddie Mac state that the UMBS will require alignment between the GSE’s pools in order to work properly, and to address this, the Federal Housing Finance Agency (FHFA) released a request for input on a proposal to further align Fannie and Freddie’s pooling practices.In a statement at the launch of UMBS, Renee Schultz, SVP, Capital Markets, Fannie Mae said, “We remain focused on ensuring that all market participants continue to make a smooth transition to UMBS and maintaining a highly liquid housing finance market.”In their RFI responses, the Mortgage Bankers Association and the American Bankers Association (ABA) pointed to the to-be-announced (TBA) market and the single-lender pools.In their letter to the FHFA, ABA indicated that what is currently proposed for the TBA market should be reconsidered. According to ABA, “the approaches detailed in the RFI will not result in enhanced liquidity in the TBA market, will diminish the specified pool and CMO markets, and will cause harm to virtually every market participant, leading to higher costs or reduced access to credit that will ultimately impact mortgage borrowers.”ABA’s focus on the TBA market is an opinion shared by other organizations. In an Urban Institute report authored in part by former FHFA Special Advisor Bob Ryan, Ryan discusses how UMBS’s impact on the to-be-announced (TBA) market will be key to the security’s success.“Ideally, by combining Fannie and Freddie’s securities, the UMBS will expand the TBA market’s liquidity, thereby improving pricing marketwide,” Urban’s report stated. “But that will happen only if the combined securities are fungible. A material divergence in the performance of Fannie and Freddie’s pools will lead investors to trade more and more in the specified and stipulated pool markets, reducing liquidity in the TBA market and thereby undermining pricing marketwide.”MBA, meanwhile notes that the RFI’s proposed pooling process changes are not immediately clear, calling for more justification for what the organization calls “a major restructuring of a large market that is critically important to the health of broader financial markets and the global economy.”“Before FHFA moves forward on any elements of this proposal, MBA believes the Agency must provide a more thorough explanation of the problem it is seeking to address and a more robust justification for the merits of this particular solution,” the MBA’s letter said.In each response, avoiding misalignment between the GSEs is a priority. For MBA, this means aligning prepayment rates that will not have a potentially negative effect on pooling options, market diversity, and product availability to borrowers. ABA’s focus on alignment is centered on the TBA market, urging the FHFA to avoid taking actions that reduce the variety and optionality for investors and lenders that exists today in the TBA market.The complete letter from the ABA can be found here. The MBA’s letter can be found here. January 23, 2020 1,863 Views Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: FHFA Lending UMBS About Author: Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Related Articleslast_img read more

Is your credit union offering the best possible identity theft solution?

first_imgConsumer awareness of identity theft risks spikes every time a large-scale data breach hits the headlines. The average consumer is probably at least a little concerned about identity theft, and many are very concerned. Javelin’s research tells us that about a third of all consumers who have identity theft protection obtained it through their bank or a credit card company, rather than through an independent provider. It’s easy to understand why consumers would turn to their trusted financial institution for help with this vital product that directly affects their financial security.However, if your FI is treating identity theft protection as merely a courtesy offering, or worse, not offering it at all, you’re missing a valuable opportunity to enhance your brand’s value and trustworthiness in the eyes of consumers.While overall awareness of identity theft has improved and the incidences of ID fraud declined slightly in 2014, it’s still a $16 billion problem in the banking industry, according to Javelin’s most recent research, the 2015 Identity Protection Services Scorecard – Direct-to-Consumer Market. In 2014, identity theft complaints again represented the lion’s share of complaints the Federal Trade Commission logged that year, accounting for 13 percent of all cases. Additionally, the Identity Theft Resource Center reports that last year data breaches reached a record high of 783 reported breaches, a 27.5 percent increase over 2013. continue reading » 26SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more