President's Message

Greetings.  I hope you and your families and colleagues are healthy and continuing to be cautious as we navigate and endure the impact and effect the COVID-19 virus has had on everything and everyone.  As I mentioned before, while working through the issues of record volume and COVID-19 disruptions, I have found our IMBA members to be invaluable.  The Secondary/Capital Markets Committee has another call on May 28th with guest speaker Dave Allison, Senior Vice President at Dovenmuehle, Inc. Dave will discuss impact of Covid 19 on servicing as well as forbearance issues and general servicing considerations during the pandemic.  The committee call last month featured guest speaker Seth Sprague, a Principal at Stratmor Group with over 20 years of mortgage banking and servicing valuation experience. The information shared was so timely and informative.  The Risk Management Committee will be having another call in the coming weeks to discuss compliance issues that have surfaced in recent months as employees continue to work remotely at home.  These calls provide such valuable information to our members and to me. Membership clearly has advantages. I urge you to leverage IMBA members outside of your normal circle, as there are experts in the IMBA that represent all areas of expertise in the industry.  We can connect you with someone that has the expertise and experience on the issues you are working through.  This is a time when we all need to utilize every possible resource to ensure we navigate successfully to the other side of COVID-19.

The Mortgage Bankers Association (MBA) continues to advocate nationally on behalf of the real estate finance industry. They are working with the administration, Congress, the Fed, and state and local officials to ensure that lenders, borrowers, renters, and small businesses are properly supported and protected during this pandemic. A groundswell of support is building for a federal liquidity facility to help mortgage servicers provide the widespread forbearance called for by the GSEs, FHA, and under the CARES Act.  Pete Mills, MBA Senior Vice President of Residential Policy and Member Engagement, said the groundswell is sending a strong message to regulators.  “There seems to be pretty broad diverse and bipartisan support for starting up something now,” Mills said. “I think the right people are starting to listen. Federal Reserve Chairman Jerome Powell referenced it in remarks last Thursday. There is ample funding to support it. I think we are marshalling a consensus.”  Stay tuned for developments on this important issue.

MBA continues to call on Mortgage Action Alliance (MAA) members to help amplify their communications to Congress and the Administration and will continue to provide important updates to MAA members over email. If you haven’t joined the MAA, do it now.  It’s easy and free.

If you haven’t checked out the MBA COVID-19 Resource Center, it was created to assist companies as they plan and prepare for issues relating to the Coronavirus.  The Resource Center includes information from the health/disease control agencies, recommended business continuity plans, relevant information from financial regulatory agencies, as well as guidance on how companies should communicate with employees, their customers and the public and is continually being updated with the latest developments.  The National Mortgage Licensing System (NMLS) has also set up a new web page to list updates on NMLS operations and impacts as the coronavirus pandemic continues.

On a more hopeful note, when we all get back to normal and want to gather again, you can count on a fun day out at the IMBA’s Golf Outing.  The mortgage industry’s favorite outing has always been on the first Thursday of June but nothing is as it always has been now, so it has been rescheduled for Thursday, August 6th at Silver Lake Country Club.  Hope to see you all there!

We will continue to keep you informed of important development as they become available.   Stay healthy and safe and thank you for supporting the association.  We are all in this together.

Sergio Murer, CMB
2020 IMBA President
Regional Sales Executive, Correspondent Sales
Wells Fargo Funding