Mortgage Industry Trends

Housing Policy to Get Some Attention

J.Ronald Terwilliger Foundation for Housing America’s Families
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J.Ronald Terwilliger Foundation for Housing America’s FamiliesI know all the talk surrounds the CFPB announcement to postpone TRID implementation until October. That’s a good thing as it will allow many lenders and service providers more opportunity to finalize and hone their systems. Some good news for a change!

More good news is that a new organization, created as an advocate for better housing policy, the J. Ronald Terwilliger Foundation for Housing America’s Families, has made it their mission to bring the housing crisis to the forefront in the upcoming presidential election (Foundation). There is a definite challenge to those seeking affordable rental and homeownership and this group aims to help.

Recent problems with lending, enforcement, buybacks and loan indemnifications, along with resulting law changes, have made many lenders skittish about financing marginal homebuyers. This has forced more and more people into the ranks of those needing to rent. An area already inflated because of the number of people who lost their homes in the crash of 2008.

The law of supply vs. demand has increased rents across the board making it more difficult for these consumers to afford adequate rental housing. It’s a vicious cycle. They can’t qualify to buy and don’t make enough to afford the increasing rents.

This foundation and their intended mission are a great first step for everyone; consumers and lenders alike. The cast of characters is quite impressive (see the end of the article) and presents an experienced and knowledgeable base from which to work. Hopefully someone will listen to their input and ideas and take some action to improve the nation’s housing policies.

What’s most important to improve the nation's housing policy?

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Hopefully, these new voices will be heard by those who can make positive changes.

 

Michael Vitali

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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Michael Vitali

About Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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