Mortgage Bankers Association (MBA)President and CEO Bob Broeksmit issued the following statement on the Oct. 28 Federal Housing Finance Agency (FHFA) announcement on loan repurchases, appraisals, and pricing at MBA’s 2024 Annual Convention and Expo, MBA stated in a release on its website.

“MBA has been a leading industry voice in seeking effective alternatives to loan repurchase requests and appreciates the ongoing, constructive engagement with FHFA, Fannie Mae, and Freddie Mac over the past few years,” Broeksmit said in the release. “Expanding Freddie Mac’s pilot program is another important step toward encouraging high-quality underwriting and eliminating performing loan repurchases. We also support the expansion of appraisal waivers, which will lower costs for moderate-income first-time buyers.

“A 60-day advance notice for some guarantee-fee increases is a response to our concerns and is a welcome development that will allow lenders to better manage their pricing strategies and loan pipelines,” Broeksmit added. “We have long called for increased pricing transparency and believe more conversations are needed to better balance who bears the risks of pricing volatility between the primary market and the GSEs.”

Broeksmit further acknowledged Naa Awaa Tagoe, deputy director for the Division of Housing Mission and Goals at FHFA, thanking her for addressing MBA members on these important issues as well as indicating more is to come on property insurance costs and availability.