September 27, Monthly member briefing
As a way to keep MSC members informed, the Housing Finance Policy Center hosts a regular briefing on the fourth Thursday of each month. Eight MSC members joined September 27 briefing on MSC activities. HFPC staff updated members on progress on the research brief for work stream 4 on data standardization. A draft is close to being finalized and will be circulated to the work stream subcommittee to comment on. The full MSC will review the draft once subcommittee members weigh in. HFPC staff anticipates a final research brief for work stream 4 by the end of November. Progress is being made on organizing work stream 5. Members to the work stream convened on September 18 to discuss the research focus. There were three areas of focus proposed by HFPC staff including:
- Changes that are needed to better service non-performing loans
- A new or reformed servicing compensation system
- Identifying where technology can be better applied to optimize mortgage servicing
There was agreement by members on the proposed focus and HFPC staff recommended the creation of subcommittees around the topics for intake purposes. On September 24, HFPC staff met with FHA Commissioner Brian Montgomery. Here are some if the issues discussed with Mr. Montgomery:
- Mortgage Servicing Collaborative briefs and issues.
- HECM losses and impact to the MMIF.
- Housing supply and how manufactured housing can help with supply constraints.
- Seniors and housing issues and concerns.
- Down payment assistance programs and fraud.
HFPC staff is following up with Mr. Montgomery on some of these issues, and we noted that we are interested in looking at HECM issues through a smaller collaborative on the topic.