QC&A: MBA Regulatory Compliance Conference Takeaways
September 22, 2022
QC Ally just returned from the Mortgage Bankers Association’s Regulatory Compliance Conference. The event brought together mortgage compliance professionals to hear firsthand from regulators and policymakers who make the rules and discuss today’s regulatory challenges.
The multi-day event included hundreds of attendees in Washington, DC, with a variety of panels and speakers, including the Federal Housing Finance Agency (FHFA), the Consumer Financial Protection Bureau (CFPB), Department of Veterans Affairs (VA), Department of Housing and Urban Development (HUD), top DC law and lobbying firms, and regulatory and compliance professionals.
Here are five questions answered.
1. WERE MBA PRESIDENT BOB BROEKSMIT’S REMARKS SIMILAR TO THOSE GIVEN AT MBA RMQA?
With similar yet different themes, he discussed the shifting of the market and provided a high-level overview of MBA’s activities with the federal and state regulator, including the Consumer Financial Protection Bureau’s (CFPB) focus on servicing, risk-based capital, affordable housing and the MBA Home for All Pledge.
QC Ally was also recently at the MBA RMQA. You can learn more about what happened at the MBA RMQA in our recent blog post, QC & A: Questions Answered at MBA’s 2022 RMQA Forum!
2. WHAT WERE THE GENERAL BIG THEMES OF THE EVENT?
The conference included a lot of chatter around modernization of the housing space; ability to complete remote work, including for mortgage loan originators; what pandemic rules will fade out and which ones are or will remain permanent; the future of appraisals; servicing as the pandemic begins to end; and other macro regulatory compliance issues. On the pandemic rules, FHFA made the desktop appraisal and remote online notarization permanent, and HUD will be looking for feedback on loss mitigation tools.
Recently, QC Ally’s COO & President Donna Gibson talked with HousingWire on the housing landscape for the remainder of the year and the importance of trust in loan quality. Read the Q&A at HousingWire.com.
3. WHAT DID REPRESENTATIVES FROM THE FEDERAL AGENCIES SAY?
In a powerhouse panel, FHFA, CFPB, VA, and HUD provided insight on the state of the housing market as well as their priorities for the remainder of 2022 into 2023. FHFA will continue to focus on safety and soundness. They are monitoring capital plans, asking GSEs to update their pricing frameworks, addressing climate risk, and pushing for access to affordable housing. The CFPB said it will not revisit the QM rule but are looking at ways to approve the rule around the margins. They are also looking at servicing and housing affordability. The VA is focused on policies and processes to lower the cost of a mortgage and embarking on modernization. HUD continues its FHA Catalyst effort, reviewing a large portfolio of borrowers who never sought forbearance in the pandemic and equitable access to mortgage finance.
QC Ally continues to stay on top of the latest regulatory developments. Read our recent blog on Fannie Mae’s changes to calibrations starting in Q4.
4. ARE STATES ALIGNED WITH THE FEDERAL REGULATORS?
As midterms and elections approach, states continue to work on policy and legislative issues in line with their constituents’ priorities and regional needs. The attendees heard updates on data privacy and data protection as states continue to push legislation, and they also discussed state licensing, remote work and NMLS challenges, which all varied state to state. We also heard about key state trends in fair lending and forbearance, digital closings and remote online notarization legislation, and tax policy.
Did you know that QC Ally has 100% US-based technology and audit teams? It means we can keep the pulse of the US regulated mortgage market at the federal level and across 50-states while protecting our client partners’ data and information onshore!
5. WHAT IS THE MBA HOME FOR ALL PLEDGE?
The MBA Home for All Pledge promotes minority homeownership; affordable rental housing; and company diversity, equity, and inclusion. Member companies are encouraged to sign the Pledge and commit to aligning with MBA’s efforts to: (1) Foster public policies and industry practices that promote and sustain minority homeownership and affordable rental housing;
(2) Support market-based solutions through MBA’s place-based CONVERGENCE programs;
(3) Champion diversity, equity, and inclusion in our workplaces and our industry; and (4) Support inclusion in single-family and/or multifamily housing with similar actions.
QC Ally is proud to sign the MBA Home for All Pledge. Join us and sign the pledge at https://www.mba.org/about-mba/the-home-for-all-pledge/sign-the-home-for-all-pledge.
The national Mortgage Bankers Association isn’t the only housing organization with an event this week. The New England Mortgage Bankers Conference is currently taking place in Rhode Island. Look for QC Ally’s VP of Digital Products and Services Ryan Colkitt and VP of Ally Growth Michael Kelleher at the event! Learn more at https://www.massmba.com/.
QC Ally is your partner in enterprise loan quality and audit services. Have questions following the MBA Regulatory Compliance Conference? We’re here to help!