The Mortgage Bankers Association (MBA) has assembled a task force of its key members to examine and issue recommendations for the future of residential mortgage servicing. Michael Berman, chairman of the Mortgage Bankers Association (MBA) and John Courson, MBA's president and CEO announced the trade group's move.
The Council on Residential Mortgage Servicing for the 21st Century will be headed by Debra Still, president and chief executive officer of Pulte Mortgage and MBA's vice chairman.
The Council will convene a one-day summit on January 19, 2011, in Washington, DC. The gathering will be called MBA's Summit on Residential Mortgage Servicing for the 21st Century. This meeting will be attended by industry leaders, consumer advocates, economists, academics and policymakers. They will examine closely the issues that have challenged the industry and identify the building blocks needed for the future of servicing.
After the summit, the Council will meet on a regular basis to discuss the industry's different issues and how it can and must change.
"The residential mortgage servicing sector has been operating in a time of unprecedented challenges, presenting us with a unique opportunity to explore potential improvements to business practices, regulations and laws affecting the servicing sector and consumers," Berman said. "As the national trade association representing the real estate finance industry, we will bring together industry experts to take a comprehensive look at the current state and ongoing evolution of residential mortgage servicing and make recommendations for the future."
With residential mortgage servicing about to face many more changes in the coming months, this is in an effort to re-tool the industry for the longer term.
"The summit will serve as a forum for thoughtful, knowledgeable discussion around how residential mortgage loan servicing should be done in the future," Still said.
The following are members of MBA's Council on Residential Mortgage Servicing for the 21st Century: Still; David Allison, Dovenmuehle Mortgage;Richard A. Aneshansel, U.S. Bank Home Mortgage; Jon K. Baymiller, New York Community Bank ; Joseph Anthony Bonaventura, Jr., BB&T; Phillip Bracken, Wells Fargo Home Mortgage; Brandon Coleman, CitiMortgage ; Jordan D. Dorchuck, American Home Mortgage Servicing; Sterling Edmunds, Jr., SunTrust Mortgage; Ronald Faris, Ocwen Financial Corp.; Michael Fontaine, Plaza Home Mortgage ;Martin Foster, PHH Mortgage;Jonathan M. Gaiser, Bank of the West;Robert Gaither, Bank of America Home Loans;Michael Koster, EverHome Mortgage Co.;Terry McCoy, MetLife Home Loans;Mary Ann McGarry, Guild Mortgage Co.;J. David Motley, Colonial National Mortgage, a division of Colonial Savings;Scott Reed, Midfirst Bank;Matthew Roslin, Flagstar Bank;Glenn Silver, Chase ;Jennifer Simons, The PNC Financial Services Group,; Gregory Tornquist, Cenlar;Kimberly Walsh, Ally Bank;Glenn Weller, Standard Mortgage Corp.
