August 31, Full collaborative briefing
On August 31, twenty-four members of the Mortgage Servicing Collaborative participated in a one-hour briefing on progress with the MSC since the May 2 full convening. Here are some highlights of what has been accomplished:
- Launched our MSC web page and newsletter
- Convened work stream #1 on June 14 to discuss FHA conveyance and foreclosure processes.
- As a recommendation from June 14, we organized and hosted a data subgroup meeting in July to advise us on data needs for our analysis of work stream #1.
- Hosted an online policy debate with several MSC members exploring access to credit and teeing up the work stream ideas we discussed early on
- Conducted our first MSC advisory briefing with our government/state regulators and advisors
- Put out our first data request to MSC lender/servicers related to work stream 1 objectives
- Met at FHA/HUD with their key personnel to brief them on the focus of our initial work with the MSC
As part of the briefing, Housing Finance Policy Center staff discussed progress on the data request from MSC members and projected deliverables for work stream #1 on FHA conveyance and foreclosure. HFPC staff walked through the work plan for the remainder of 2017 and touched on preparations for work stream #2 in late September. Work stream #2, which will focus on defining a consistent and flexible- but simple- loss mitigation/loan modification structure that can work across the vast bulk of government mortgages, is set to meet on September 25.
Much of the focus of the briefing was on Hurricane Harvey and what steps Urban and the MSC membership can take in coordinating, communicating or otherwise educating policymakers and key stakeholders on lessons learned from previous disasters such as Hurricane Katrina and Sandy, or encourage a uniform approach to assisting borrowers impacted by disasters such as Harvey.