MBA’s Stevens Reacts to FHFA Scorecard
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (December 17, 2015) - David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement in response to today's release from the Federal Housing Finance Agency (FHFA) of the 2016 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions (CSS).
"There is a lot of good news in this scorecard. The scorecard clearly identifies front-end credit risk transfer for single family loans as a priority and identifies the need to solicit feedback from industry. This has been one of our top priority issues and one on which we are eager to continue to engage with FHFA and the GSEs.
"We are further encouraged by FHFA's direction to maintain similar levels of multifamily financing and to continue to exempt loans in affordable and underserved market segments from the financing caps. In addition, we believe FHFA's plan to review its estimates of the multifamily loan origination market size on a quarterly basis will help avoid disruptions in the multifamily finance market that could otherwise occur.
"We are also pleased with the progress that CSS is making with both the Common Securitization Platform, which Freddie Mac will begin utilizing in 2016 for their existing single family securities and the Single Security, which is expected to be issued by both GSEs in 2018.
"Finally, we are also pleased that FHFA has pledged active support for mortgage data standardization initiatives, including MISMO, to make sure this complex industry is able to adopt new technologies to better serve customers."