The Mortgage Bankers Association of America has picked Jonathan L. Kempner, chairman of the National Multi Housing Council, to be its new executive vice president in charge of day-to-day operations. Mr. Kempner, who headed the NMHC for 14 years, is expected to take the EVP mantle sometime this spring. The council represents owners of market rate multifamily housing units. (Late last month, National Mortgage News reported that Mr. Kempner was the leading candidate for the MBA job.) He replaces Paul Reid, who left the MBA under pressure last June. One trade association official described Mr. Kempner as a "good manager and aggressive marketer" who built the NMHC into "a formidable organization." Mr. Kempner will take control of the MBA amid rampant industry consolidation and political/business unrest concerning Fannie Mae and Freddie Mac. Although lenders are enjoying what could turn out to be their second-best year ever -- or maybe even best -- in terms of loan volume, there is continued griping from some sectors of the industry concerning "charter creep" at the government-sponsored enterprises and alleged bullying by the two in regard to certain business partners. Fannie and Freddie have denied that they bullied or threatened any business partners.
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Some members of the Senate, where the GOP majority is thinner, also are asking the Federal Housing Finance Agency to reveal more about planned mortgage reforms.
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The housing regulator has been mum on details about its reshuffling, but Secretary Scott Turner has emphasized mission-critical functions would persist.
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Regulators should approve the deal because post-merger, the servicing market remains fragmented and the mortgage origination business is even more dispersed.
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Publicly traded lenders, including UWM, Rocket Mortgage and Guild Mortgage, saw personnel expenses increase significantly throughout last year.
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A three-judge panel will hear an appeal by the Trump administration of a preliminary injunction that has blocked the government from dissolving the Consumer Financial Protection Bureau.
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The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.
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