Stevens Statement Regarding Updated FHA Certifications
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (March 15, 2016) - David H. Stevens, CMB, president & CEO of the Mortgage Bankers Association (MBA) made the following statement regarding the Federal Housing Administration's (FHA) updated lender and loan certification requirements:
"We appreciate FHA's efforts to increase certainty in the underwriting and processing of FHA-insured mortgages, and on first review this language appears to be an improvement over the previous lender and loan-level certifications. The ability to serve and support sustainable and affordable homeownership has been a core mission of both FHA and lenders across this country. Having the confidence to lend demands clear and reasonable accountability. This has been the goal of all stakeholders.
"Individual lenders will need to review the new certifications, assess the legal and reputational risks associated with FHA lending, and determine whether the new language provides sufficient protection to allow them to responsibly expand liquidity for FHA lending. Similarly we intend to study these updated requirements and we look forward to continuing to work with FHA and other stakeholders to strengthen the housing market and provide access to sustainable mortgage credit for qualified borrowers."