About Bob Broeksmit

I have spent more than 30 years in the mortgage business and am currently the President & CEO of the Mortgage Bankers Association, the national trade association representing the real estate finance industry.

The Roadmap to CFPB 2.0

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Last year, MBA responded to a series of 12 requests for information (RFIs) issued by the Consumer Financial Protection Bureau (CFPB or the Bureau), looking for ways the CFPB could better serve its statutory mission by improving its supervisory practices and regulatory framework. I, along with others in our industry, was encouraged by the Bureau’s openness to listening to stakeholder proposals to improve its regulation and enforcement to ensure strong consumer protections.

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MBA Economic and Mortgage Finance Commentary

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With the start of New Year just behind us, it’s a good time to take stock of the landscape for real estate in 2019 and beyond. As MBA’s President and CEO, I am often asked for my views on the outlook for the housing sector. There’s no doubt that a combination of low inventory, a significant drop in refinance activity, and uncertainty caused by trade wars, government shutdowns, and a volatile stock market have given many pause. Overall, however, I agree with MBA’s most recent forecast commentary that 2019 will be a good year for borrowers and lenders alike.

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The 2019 Independent Mortgage Bankers Conference

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It’s been just over 100 days since I started as MBA’s President and CEO, and it’s been a wonderful experience meeting our members and hearing their priorities for MBA and our industry. It’s no secret that real estate finance is facing headwinds, with limited housing inventory, high home prices, and lower demand for refinancing due to climbing rates (although refis have rebounded somewhat in recent weeks). Bank, nonbank, or credit union — everybody is feeling the pinch, and MBA is working with all its members to see what we can do to help.

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Helping Homebuyers and Homeowners During the Government Shutdown

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As the partial government shutdown drags on, MBA has been active in ensuring that interruptions in critical federal services needed to serve homebuyers, homeowners and furloughed workers are limited.  As The Washington Post reported in a front-page story, we were instrumental in advocating for the resumption of the IRS IVES (Income Verification Express Service) system for processing Form 4506-T tax transcript requests.  Why did we do this?  We wanted to avoid having home purchase transactions delayed or canceled, and we wanted borrowers closing on refinance loans to take advantage of today’s lower interest rates to close their loans before their interest rate lock-ins expired.

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Misconceptions Surrounding Cash-Out Refinancing

refi imgeLast week, The Wall Street Journal ran an article on cash-out refinances entitled, “Borrowers Are Tapping Their Homes for Cash, Even as Rates Rise.”

Because of the numerous misconceptions in the article, MBA submitted a letter to the editor in an attempt to address them. Unfortunately The Wall Street Journal decided not to run it—but I’d like to share the content of the letter with you.

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The 2018 Midterm Elections

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With Election Day behind us, I wanted to reflect on the coming changes to Congress. I hope everyone got out to cast their ballot. Voting is a civic duty that I take very seriously. I spent fifteen hours on Election Day volunteering as an election judge at my precinct in Maryland to ensure the broadest possible access to voters of all political persuasions. It is so important to our democracy for citizens to stay engaged.

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