MBA Statement on CSBS' Proposed Prudential Standards for Nonbank Mortgage Servicers

CONTACT
Rob Van Raaphorst
rvanraaphorst@mba.org
(202) 557-2799

WASHINGTON, D.C. (October 1, 2020) - MBA President and CEO Bob Broeksmit, CMB, released the following statement regarding the Conference of State Bank Supervisors' (CSBS) recently released Proposed Prudential Standards for Nonbank Mortgage Servicers:

"MBA appreciates the Conference of State Bank Supervisors' recognition of the important role independent mortgage bankers and servicers play in today's housing market. It is important that any final standards recognize the unique aspects of the IMB business model. Consistent adoption of these standards by the states will be critically important to this initiative. 

"The proposed framework appears to address several of MBA's key concerns - the need for uniform capital and liquidity standards across all the states, alignment with existing federal standards, and calibration to the size and complexity of the servicer. MBA looks forward to reviewing these standards in their entirety and providing our input.  

"We will continue to work with CSBS and other regulators on ways to improve the regulatory framework for IMBs to ensure a strong housing finance system without excessive regulatory burdens."