MBA’s Stevens: Final risk retention rule works for mortgage bankers

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Six federal agencies jointly released their proposed QRM rule that would require lenders to retain risk when selling mortgage-backed securities (MBS). The new proposal was created in consideration.

"The re-proposed rule is a reflection of how well the notice and comment process can work," said David Stevens, president and CEO of the Mortgage Bankers Association (MBA). "Regulators proposed a rule and received a unanimous reaction from diverse groups within housing and real estate finance that the proposal would have unduly.

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WASHINGTON – David Stevens, the president and chief executive officer of the Mortgage Bankers Association, will leave the trade group at the end of the month to become president of SunTrust Mortgage. Stevens, 55, was at the helm of the MBA for a just a little over a year after leaving his position as assistant secretary for housing and commissioner of the Federal Housing Administration at the U.S. Department of Housing and Urban Development.

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Say what you want about current housing market conditions and the U.S. being eliminated from World Cup play, there is definitely a certain portion of mortgage bankers who are downright. and sell as.

In the first draft of the so-called risk retention rule, the regulators said that such a loan would, among other things, have a down payment of at least 20 percent. But after mortgage bankers and other groups asserted that this could restrict credit, the down-payment requirement was left out of the rule completed this week.

Overview: Section 941 of the Dodd-Frank wall street reform and Consumer Protection Act required the following federal agencies FDIC, Federal Reserve, OCC, SEC, HUD and FHFA to jointly prescribe rules for the retention of credit risk for asset-backed securities, including commercial mortgage-backed securities (CMBS). The final rule’s risk retention requirements addressing CMBS took effect on December 24, 2016.

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David Stevens, president and CEO of the Mortgage Bankers Association, said the changes show "how well the notice and comment process can work" on proposed regulations.

On October 22, 2014, six federal agencies adopted the final Credit Risk Retention Rule under Section 941 of the Dodd-Frank Act. The final rule will require sponsors of securitizations to retain an economic interest in the assets that they securitize.