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Volume 10 - Number 23

November 10, 2017

MBA Chief Calls for ‘Targeted’ FHA Reforms to Broaden Credit Access

Targeted reform of the FHA housing program, not broad structural changes, can potentially improve borrowers’ access to credit while clarifying the rules for lenders and protecting taxpayers, a top industry executive told Congress earlier this month. Testifying before the House Financial Services Subcommittee on Housing and Insurance, David Stevens, president and CEO of the Mortgage Bankers Association, said FHA reforms do not entail changes to the program’s scope, such as FHA market share or its customer base. Stevens noted that first time or low- to moderate-income borrowers are typical FHA borrowers. “The structure and coverage of FHA insurance has served borrowers and lenders well,” he said. “It should not be reduced or otherwise altered.” The Mutual Mortgage Insurance Fund capital ratios and thresholds are likewise appropriate, though options to improve the fund’s long-term solvency should ...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
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Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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