David G. Kittle, CMB and president and vice chairman of The Mortgage Collaborative, gave the MBA’s proposal an enthusiastic thumbs-up.
“I believe its chances [of getting approved] are good, if not for all of it, at least part of it,” Kittle told Orb. “It moves the discussion to the proper level.
“The issue of GSE reform is critically important for the independent mortgage banks, community banks and credit unions that today originate more than three out of every four home loans in the country,” Kittle said in an earlier statement. “The MBA’s reform proposal recognizes the value of a competitive and diverse primary market and calls for important reforms that will provide stable liquidity for the 30-year fixed mortgage and preserve a level playing field for smaller lenders.
“Guarantee fees based on loan quality, not volume, and a new structure that encourages increased private capital flow into the primary market are all central elements to the MBA plan and key principles for the members of the Mortgage Collaborative,” he added.
To view the full article on MortgageOrb.com, click here.
TMC - Chief Operating Officer