Monday, March 08, 2010
10:06 AM Texas Time
Lenders Issue SAFE Warning
MBA, ABA and AFSA among 14 groups to send letter to HUD
The Mortgage Bankers Association, along with 13 other associations issued a letter to the U.S. Department of Housing and Urban Development.
The groups claim HUD is going too far by applying the Secure and Fair Enforcement for Mortgage Licensing Act to servicing employees who handle loan modifications.
Imposing SAFE requirements on servicing employees could impede their ability to complete loan modifications and increase servicing costs, according to the letter.
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