Looking #Forward – A Recap of the MBA Annual 2016

Blog posted On October 27, 2016

This week, the Mortgage Bankers’ Association hosted their annual event in Boston, MA.  Last year’s focus was heavily influenced by the implementation of TRID compliance rules; this year the conference’s theme is #FORWARD, looking ahead to the future of GSEs, regulation, and innovation. 

MBA President and CEO, David H. Stevens, CMB, opened the conference with optimistic remarks, “lending is safer and sounder than any time in history.”  Mortgage rates are lower than they were last year and mostly stabilized, the MBA predicts total mortgage origination will increase 11% next year to $1.1 Trillion.  For refinances, the MBA predicts a 40% decrease to $529 Billion.

Michael Fratantoni, MBA chief economist and senior vice president of research and industry technology, affirmed the predictions with his assertion, “Strong household formation coupled with further job growth, rising wages and continuing home price appreciation will drive strong growth in purchase originations in the coming years.”

While home price gains are on the rise, housing is actually becoming more affordable.  First American Chief Economist, Mark Fleming explained, “Interest rate declines, combined with meaningful gains in incomes, have provided the consumer with greater buying power, which increases housing affordability.”

This year’s conference included the debut of new lending technology, marketing strategy, and other forward thinking ideas.  MBA Chairman Rodrigo Lopez spoke about the importance of incorporating new technology and the core principles of housing finance reform.  Danny Gardner, Vice President of Freddie Mac, summed up the ideology of the conference with his statement, “If you want to be in business in the future you have to be on the edge.  Start thinking about new customers and how they think.” 

The most important moment for us at CMG Financial was when our CEO, Founder, and President, Christopher M. George was installed as Vice-Chairman of the MBA.  Congratulations Chris, we are inspired by your hard work and are looking forward to more extraordinary experiences in the future! 

Sources: HousingWire, HousingWire, HousingWire, MBA, MBA, Mortgage News Daily, Reuters