The average profit per loan originated by mortgage bankers and subsidiaries was $606 during the first quarter of 2010, down from $890 per loan in the fourth quarter of 2009 and $1,088 in the first quarter of 2009 according to the Mortgage Bankers Association.
The decline was driven by a drop in the average production volume for [...]

President Obama signed the the Dodd-Frank Act, the most sweeping financial reform since the Great Depression on Wednesday.
“With this law, we’ll crack down on abusive practices in the mortgage industry,” said the President during the bill signing ceremony.  ”We’ll make sure that contracts are simpler, putting an end to many hidden penalties and fees in complex mortgages [...]

A bill is making its way through Congress that will have a significant effect on the Federal Housing Administration’s mortgage insurance program and as a result, the reverse mortgage program. Sponsored by Representative Maxine Waters (D-CA), H.R. 5072, the FHA Reform Act of 2010 would give FHA the authority to increase the maximum mortgage insurance [...]

The Mortgage Industry Standards Maintenance Organization announced an alliance agreement with the National Reverse Mortgage Lenders Association to collaborate on the development of technology standards for the exchange of information about reverse mortgages.
“The NRMLA Board, membership and staff are excited about this partnership and the possibilities it brings to both organizations, by extending our [...]

Ensuring the long term viability of the Federal Housing Administration (FHA) is the top priority for the Mortgage Bankers Association in 2010. “While the policy issues before our industry are many and we will work on them all” says the MBA. The association’s focus will be “to ensure that it can continue to provide stability [...]

The Mortgage Bankers Association sent a letter to the Federal Financial Institutions Examination Council (FFIEC), saying it supports efforts by the agency to provide supervisory action to lenders on reverse mortgage products.
Late last year, the FFIEC issued proposed guidelines for institutions to manage compliance and reputation risks associated with reverse mortgage products.

The Mortgage Bankers Association is taking a different stance than the National Reverse Mortgage Lenders Association on the US Department of Housing and Urban Developments proposal to raise net worth requirements and eliminate the approval of FHA loan correspondents.
"MBA supports limiting the approval process to qualified mortgagees and increasing the net worth requirement," said [...]