Last week the Mortgage Bankers Association (MBA) held its 100th Annual Convention and Expo in Washington, D.C. More than 4,000 attendees swarmed the Convention Center, split between lenders and vendors.
Fitting the D.C. setting, the dominant topic of the conference revolved around compliance and regulatory oversight. Many of the sessions, and most of the conversations we heard had at least some compliance angle. The topics ranged from meeting CFPB regulations in 2014 to understanding how to offer new products that would meet the requirements of investors and the GSEs.
However, all of the focus on compliance is producing a backlash. The president of MBA basically said enough is enough on the compliance and that any more is a risk to credit flowing. He also said 40% of home purchases last year were paid in cash.
Other hot topics were rising interest rates and reducing risk, especially for defective loans, which are not saleable.
On the media front, two new mortgage-focused channels were announced. The publishers of National Mortgage Professional announced a new video news service, Mortgage News Network (http://mortgagenewsnetwork.com/). This website, which will formally launch later this year, will combine breaking news with industry expert interviews in video format.
The publishers of PROGRESS in Lending and Tomorrow’s Mortgage Executive also announced a new publication, Today’s Lending Insight (http://progressinlending.com/blog/2013/11/05/november-2013-issue-the-state-of-our-industry/). The monthly publication is available in both digital and print formats, featuring short essays that delve into current issues facing the mortgage industry.
Finally, William Mills Agency clients had a great show. In all, 24 companies participated in more than 75 media interviews at the show, highlighting their expertise and lining up coverage for the remainder of the year. Capping the week, two clients won Mortgage Technology awards – ISGN for Release of the Year and Mortgage Returns for the 10X Award.