MBA's Response to Coronavirus (COVID-19)
The Mortgage Bankers Association (MBA) is closely following the spread and impact of coronavirus (COVID-19) on our staff, our members, and their customers. We have created a coronavirus update page on our website to host MBA-specific updates. It can be viewed at www.mba.org/news-research-and-resources/mba-coronavirus-(covid-19)-updates.
MBA has also developed this resource page to assist our member companies as they plan and prepare to protect their staffs and meet customer needs during these challenging times. It includes information from the health/disease control agencies; suggested approaches to business continuity plans; relevant information from the GSEs, FHA/VA, and financial regulatory agencies; and guidance on how companies should communicate with employees, their customers, and the public.
MBA is also working with various federal regulatory agencies, including HUD and Ginnie Mae, as well as FHFA and the GSEs, to streamline policies and procedures that will allow lenders to assist borrowers throughout this current situation. This includes, for example, working with the GSEs to alleviate expected appraisal delays, as well as broader guideline changes and process efficiencies.
MBA has also been working closely with the Conference of State Bank Supervisors to highlight concerns about state requirements that could inhibit the ability of state-licensed lenders and servicers to perform certain activities remotely. In response, CSBS has issued a communication to state regulators urging them to consider waivers, exemptions, or other relief from loan officer and company/branch licensing requirements that will facilitate the ability of IMBs to meet customers' needs from remote locations. More information on updates from specific state regulators is available at www.mba.org/news-research-and-resources/mba-coronavirus-(covid-19)-updates/mba-coronavirus-(covid-19)-resources.
In recent years, natural disasters have allowed financial institutions to develop ever-improving road maps for how to provide compassionate, responsible, and financially sound solutions for affected borrowers. MBA has been in contact with several key House and Senate members who, not surprisingly, have shown particular interest in the treatment of borrowers impacted by COVID-19 going forward. As such, we are encouraging all lenders and servicers to reach out to their customers who might be facing financial hardship. I know many of you already have.
Please contact me or Pete Mills ([email protected]) if there is something we can do to be of assistance, you have suggestions we should take into consideration, or you have had relevant discussions with customers that you would like us to share.
Everyone at MBA remains committed to working on your behalf. We have implemented measures to ensure our staff is able to work both at the office and remotely to continue to meet the needs of our members.
As more updates become available, we will be in touch through NewsLink and other communications vehicles. Thank you for steadfastly serving America's consumers and providing them with financing at historically low interest rates, delivering needed stimulus to the economy during these unsettled times.
Bob Broeksmit, CMB
President and Chief Executive Officer
Mortgage Bankers Association