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MBA Wants Smaller Mortgage Lenders to Have More Investor Access

reversemortgagedaily.comJune 4, 2013

By Elizabeth Ecker

Mortgage market reform should provide smaller lenders the same access to the investor market as large lenders, according to a Mortgage Bankers Association proposal released Monday. The recommendation comes in response to proposed reform for Fannie Mae and Freddie Mac that will transition away from their participation in the mortgage-backed securities market. 

“It is critical that as policymakers transition away from Freddie Mac and Fannie Mae, a competitive environment is created so that smaller lenders are able to be effective in the secondary market,” said Debra Still, MBA’s chairman. “Community lenders are a crucial part of a diverse, efficient marketplace that provides Americans across the country with safe, sustainable and affordable mortgage credit.”

Even for small lenders that are not securitizing loans, they still should have access to the secondary market, MBA urges, noting the need for small pool executions, price certainty, quick funding, ease and execution for those lenders. 

As the GSE portfolios wind down, MBA says, the FHFA Common Securitization Platform initiative should include plans for the acceptance of small lot deliveries into multi-lender pools.

“MBA’s concept papers all contain core components of any future state including transparency, a steady flow of mortgage capital and an explicit federal guarantee,” said Bill Cosgrove, MBA’s vice chairman. “This paper clearly and concisely lays out the key issues that community banks and independent mortgage banks like mine need to see addressed as we move towards the secondary mortgage market of the future.”

 

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