Survey 2019-6

OVERVIEW

Housing finance reform, which covers a complex set of concerns, has been identified as a priority for the U.S. Senate Banking Committee, led by Mike Crapo (R-ID) as well as by House Financial Services Committee Chairman Maxine Waters (D-CA).  While Congress has attempted to grapple with these issues before, your Association wants to be well positioned to represent your views as proposals to address housing finance develop in this Congress.  

The Association has assembled a Housing Finance Reform Working Group, which is spearheading our efforts to review and update the Association’s policy and advocacy positions on housing finance reform. To that end, the Association continues to seek input from all members through our 2019 CCUA Member Survey on Housing Finance Reform, which is below. For purposes of the survey, housing finance refers to the process of loan origination, selling of the loan on the secondary market, pooling and securitizing purchased mortgages, regulating the process and related issues. Survey results will be compiled with Working Group comments to prepare a final guiding policy for discussion with public officials and to evaluate legislative proposals.

Please take a few minutes and complete the survey by March 8.  Responses are important as the Association advocates on your behalf for meaningful housing finance reform that reflects your top concerns. The estimated time for completion is five (5) minutes.

Thank you in advance for your participation.
If you have any questions or additional thoughts, then please email govaff-leg@ccua.org.
Housing Finance Reform Survey

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* Please provide your contact information.

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* 1.     Should the top priority in the Association’s housing finance reform platform be to preserve the 30-year fixed mortgage?

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* 2.     Should “open access” to the secondary market be required which would mean that prices paid for mortgages sold on the secondary market are not based on volume of loans originated but be equitable for credit unions and other lenders?

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* 3.      Should reform proposals ensure there is an explicit government credit guarantee to the purchasers of securities backed by mortgages sold in the secondary market?  

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* 4.      Should reform proposals insure guarantee fees charged to mortgage originators are reasonable and equitable for all lenders?

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* 5.     Should mortgages sold on the secondary market be required to conform to QM rules issued by the Consumer Financial Protection Bureau?

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* 6.     Should lenders be required to retain on their books a certain percentage of each loan they sell on the secondary market, commonly referred to as “skin-in-the-game?”

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* 7.     Should reform proposals include national servicing standards?

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* 8.     Should credit unions continue to be able to retain or sell servicing rights to sold on the secondary market?

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* 9.     Should FNMA and FHLMC be replaced by private entities that buy, securitize and assume other GSE activities?

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* 10.     Should secondary market entities be subject to capital and fraud containment requirements?

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* 11.     Should reform proposals establish a neutral third party to ensure all parties in the secondary mortgage market process are treated fairly?

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* 12.      Should consumer education and home purchase counseling be required of home mortgage loan borrowers when the lender anticipates the loan will be sold?

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* 13.      Should education and counseling be waived for repeat home loan borrowers?

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* 14.     If waived, under what conditions?

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* 15.     Should housing finance reform include goals for ensuring underserved communities have access to affordable housing?

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* 16.     Should applicable loan limits vary to reflect regional real estate prices?

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* 17.     Should reform proposals insure an orderly transition over a reasonable period of time to change from the current system to any new housing finance structure?

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* 18.     Please provide any other thoughts or comments.

                                                                         Thank You

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