Loan Servicing Standards
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Housing programs play a vital role in helping low- to moderate-income, minority borrowers, and eligible veterans and servicemembers realize the dream of homeownership. MBA works with the agencies to improve servicing efficiency and reduce
servicing costs. Clear and consistent guidance leads to more equal outcomes for borrowers, reductions in cost for servicers, and encourages greater participation in programs designed to aid vulnerable populations.
Read: Partial Claim Processing Delays: Risks and Solutions
The significant volume of partial claims completed throughout the COVID-19 pandemic have led servicers of FHA-insured mortgages to repeatedly receive notices from FHA’s Mortgagee Compliance Manager (MCM) demanding return of insurance funds for missing partial claim documents. Learn about:
- The impact of delays on servicers
- Recommended changes to regulation
- Immediate actions to ameliorate delays
Read: VA Partial Claims: Establishing a Permanent Program to Assist Veteran Borrowers
Veteran borrowers facing financial hardship should have access to additional tools to resolve delinquency and avoid foreclosure. The partial claim option available to FHA and USDA borrowers is not a tool in the Department of Veteran’s Affairs (VA) suite of loss mitigation options. Learn about:
- Actions by Congress
- Benefits of a Partial Claim Program
- Impact to the VBA
Recent MBA Activity Related to Government Servicing Issues
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MBA Letter to SEC on Climate Risk and Disclosure RFI
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Joint Letter to OCC, FCA, NCUA, FDIC, Federal Reserve on Flood Insurance
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MBA Letter to House Financial Services Committee on a Bill to Promote Language Access in Mortgage Servicing and the "Fair Lending for All Act"
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Joint Letter to House Leadership on the Non-JudicialForeclosure Debt Collection Clarification Act of 2021
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MBA Letter to House Financial Services Committee on April 20 Markup
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MBA Letter to FHFA on Climate and Natural Disaster Risk Management RFI
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MBA Letter to Senate Finance Committee on Janet Yellen Nomination
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Joint Letter to U.S. Treasury on the Status of the GSE Conservatorships
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MBA Letter to the U.S. Treasury on Market Disruption Concerns Regarding the GSE Conservatorship
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MBA Letter to FHFA on FHFA Strategic Plan: Fiscal Years 2021-2024