Santo Chiarelli (Partner at ACS, Iselin, NJ) provides his perspective from the firm’s work providing accounting and auditing services on the outlook for IMBs as they navigate the year 2020, highlighting the impact of the 2017 tax bill, economic outlook, and compliance issues.

CHLA Member Anthony Kellum (President of Kellum Mortgage) highlights FHA’s strong financial performance and significantly increased Net Worth as reported in its latest annual Actuarial Report – making a strong case that FHA is over-charging borrowers and should therefore end its Life of Loan premium policy.

CHLA Board Member Deb Sturges (President and CEO of Hallmark Home Mortgage) highlights CHLA’s recent comment letter making the case that Ginnie Mae should not stress test smaller IMB issuers, since they don’t pose either a significant financial or systemic risk to Ginnie Mae

CHLA Board Member Bill Giambrone (President and CEO of Platinum Home Mortgage) explains how FHA’s Life of Loan premium policy (1) significantly overcharges FHA borrowers, (2) hurts FHA finances through loss of revenues through refinancing of FHA loans to the conventional market, and (3) hurts Ginnie Mae, by contributing to its recent acceleration in prepayment speeds.

CHLA Board Member David Wind (DAW Partners) makes a compelling case for why the CFPB should require every registered mortgage loan originator (LO) to pass the basic SAFE Act test measuring basic mortgage competency – arguing that exempting bank LOs fails to fully protect consumers and fails to fulfill the Dodd-Frank requirement that all LOs must be “qualified.”