I took my son, George, to pay our respects to President George Herbert Walker Bush last night, a good and decent man. We expected that any after work crowd would have dispersed by the time we arrived around 9:45, but we instead encountered throngs of people, wrapped around the block, who had come to bid adieu to a great leader. Continue reading
Last 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.
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.
As the leading voice in the mortgage banking community, it is our responsibility to identify and tackle all of the unique challenges our industry faces. The commitment and dedication I encounter in my daily interactions with MBA members and staff continue to inspire me.
It was wonderful to see so many MBA members here in Washington last week for our Annual Convention & Expo. Seeing how the sausage is made from behind the scenes for the first time, I can tell you that a lot of work goes into Annual to make it such a successful event. I can also tell you that the MBA family was only too happy to welcome the country’s largest gathering of real estate finance professionals, more than 4,200, to our home here in Washington. And hosting Annual in Washington gave MBA members the opportunity to hear directly from the policymakers whose decisions impact our industry.
Recently there has been a renewed interest in the role of non-bank lenders in the broader mortgage marketplace. Independent mortgage bankers (IMBs) currently originate more than half of single-family mortgages. Their success is based on a combination of local market knowledge, innovation, nimbleness, and commitment — in fact, the vast majority of IMBs are monoline institutions with mortgages as their sole line of business.