Mat Ishbia, chairman and CEO of United Wholesale Mortgage, suggested that competition from nonbanks is helping to push banks out of the mortgage market.
CFPB officials directed critical questions at Appraisal Foundation President David Bunton during a recent hearing by the Federal Financial Institutions Examination Council’s Appraisal Subcommittee.
Julie McCurley, director of servicing at Mortgage Quality Management & Research, noted that subservicers typically review 10% of their entire portfolio, which consists of loans from multiple clients, providing a low probability for one client’s loans to be reviewed in a subservicer’s audit cycle.
The MBA was part of a trade group coalition that called on the VA to align minimum property requirements with standards already established by the GSEs.