Dear WMBA Members,
We’ve finished the first quarter 2021, and our world continues to shift and change, and we are beginning to see the value of setting goals in 12 week increments. Is that part of your “New Normal”?
The regulatory environment has shifted around COVID, the new normal in Olympia, and the new administration in Washington D.C.
And there is so much to be mindful of as we chart our strategies.
- Refinance volume down – overall loan production shifting from $4T in 2020 to $2.5T in 2021??
- Washington State Privacy Act proposal (see below) our representatives are legislating in Olympia (48-1 in favor). Are you aware of the impact that law would have on your day-to-day production?
- U.S. Treasury tightens standards on investment properties led to Fannie Mae 7% cap. “The GSEs will limit the acquisition of single-family mortgage loans with multiple higher risk characteristics at their current levels” Do you see the risk that they see?
- Servicing regulation and oversight. CFPB issued a warning to loan servicers. Are you prepared to respond?
As you assess your Q1 results, consider where the Washington MBA fits into your plans. One Voice. One Vision. See the highest possible outcome that you can create from your seat with our resources.
- Get noticed! Find out how to become an WMBA event sponsor here
- Register for: April 20th Top Producing Managers Panel – Panelists: Jordan Flowers, Jay Crowell, and Allie Lord, moderated by Sharon Knowles
- Upcoming events; May 20th Annual Auction to benefit WMBA and Habitat for Humanity
- Legislative agenda: We need your voice NOW – Take Action: here – Why it matters: A private right of action potentially could allow consumers the ability to file lawsuits based on unsubstantiated claims of data privacy violations. This would lead to an increase in legal fees and raise the cost of lending in the state.
We appreciate your membership, your support, and your contribution and are here to support you with the strength of our unified resources.
As always, It is my honor and privilege to have this virtual podium and I appreciate every one of you who have read and considered these remarks!
Washington Mortgage Bankers Association