Among the corrections currently sweeping the industry is the salary demands of loan underwriters. Executives say some can be had for half of what they earned during the boom.
The Mortgage Bankers Association barely turned a “profit” last year even though originators had a banner year. If you’re guessing the reason for the performance is COVID, move to the head of the class.
Hearings in Congress with the CEOs of seven megabanks stretched for more than nine hours across two days. The executives touted mortgage programs for minorities and listed their regulatory concerns.
The private pow-wow revealed broad agreement between government, industry and advocacy groups on how to deal with the nation’s affordable housing shortage.
Jonathan Kolodziej, an attorney at Bradley, believes the RFI is a significant opportunity for the mortgage industry to have a say in any future regulatory framework related to refinances and loss mitigation.
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