“MBA applauds Director Cordray and the CFPB for moving forward with proposed national mortgage servicing rules, an important step toward bringing certainty to our industry. MBA supports mortgage servicing standards that ensure appropriate and uniform protections for borrowers regardless of who their servicer is or where they live. Equally important, these servicing standards must allow lenders to operate efficiently and meet any legal or contractual obligations to their investors. A number of servicers are already in the process of implementing most of these standards.

“MBA will now begin the process of reviewing the proposed standards and will work to better understand their potential impact on servicers of all sizes and business models, as it is important that the final rules do not give preference to one business type over another. It is also essential that they do not inhibit industry innovation or discourage new market entrants.

“I am confident that final rules can be achieved which will create more confidence and certainty in the real estate industry for borrowers and servicers alike. We look forward to working with our members, other stakeholders and the CFPB to fully engage in this final rulemaking process.”