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7 ways borrowers are changing mortgage servicing

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The MBA is continuing its push for greater consistency among servicing standards across federal mortgage insurance programs, the government-sponsored enterprises and private-label portfolios, President and CEO Robert Broeksmit said during a speech that opened the conference.

Of particular concern is Federal Housing Administration requirements, which differ greatly from those of Fannie Mae and Freddie Mac. A more consistent approach to tasks like loan modifications and foreclosures will make it easier for servicers to help distressed borrowers, he added.

“Adopting a unified foreclosure timeline would make FHA servicing far more efficient and effective, while still holding servicers accountable for minimizing taxpayer exposure,” Broeksmit said. “And while a direct conveyance model may be far in the future, we can still make the process better for consumers and lenders along the way.”

FHA Commissioner Brian Montgomery has previously said improvements like servicing alignment are coming as part of the Trump administration’s overall deregulation efforts, adding late last year that the FHA is also planning a variety of technology improvements to eliminate paper and modernize its core systems.

Broeksmit, who came to slay as the MBA’s new CEO last fall, also said the trade group will up its lobbying efforts this year. The association, whose political action committee reached new fundraising records in the last election cycle, will bring servicing executives to Washington for a variety of meetings with regulators and policymakers.

“We need you with us, connecting with and educating a new Congress, working with regulators in reshaping policies, reminding them of our shared goal and our shared responsibility of helping borrowers,” he said.

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