Loan Servicing Standards
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Housing programs play a vital role in helping low- to moderate-income, minority borrowers, and eligible veterans and servicemembers realize the dream of homeownership. MBA works with the agencies to improve servicing efficiency and reduce
servicing costs. Clear and consistent guidance leads to more equal outcomes for borrowers, reductions in cost for servicers, and encourages greater participation in programs designed to aid vulnerable populations.
Read: Partial Claim Processing Delays: Risks and Solutions
The significant volume of partial claims completed throughout the COVID-19 pandemic have led servicers of FHA-insured mortgages to repeatedly receive notices from FHA’s Mortgagee Compliance Manager (MCM) demanding return of insurance funds for missing partial claim documents. Learn about:
- The impact of delays on servicers
- Recommended changes to regulation
- Immediate actions to ameliorate delays
Read: VA Partial Claims: Establishing a Permanent Program to Assist Veteran Borrowers
Veteran borrowers facing financial hardship should have access to additional tools to resolve delinquency and avoid foreclosure. The partial claim option available to FHA and USDA borrowers is not a tool in the Department of Veteran’s Affairs (VA) suite of loss mitigation options. Learn about:
- Actions by Congress
- Benefits of a Partial Claim Program
- Impact to the VBA
Recent MBA Activity Related to Government Servicing Issues
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Joint Trade Letter to FHA’s Proposal to Assist Borrowers in High-Interest Rate Environment
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MBA Joint Letter to FHFA on Credit Score Implementation
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MBA Comment Letter on FHA HECM Mortgage Letter
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MBA Joint Letter to FCC on Illegal Text Messages and "Lead Generators"
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Industry Coalition Letter on the Introduction of the Main Street Tax Certainty Act of 2023
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MBA Comment Letter to FHFA on Enterprise Single-Family Social Bond Policy Request for Input
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MBA Statement for the Record for HFSC H/I Subcommittee Hearing on GSE Pricing
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MBA Response to FHFA’s Proposed Amendments to the Enterprise Regulatory Capital Framework
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MBA letter to the House of Representatives on the introduction of the Homes for Every Local Protector Educator and Responder (HELPER) Act
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MBA Letter to CFPB on the Real Estate Settlement Procedures Act (Regulation X)
