The mortgage market needs further repairs in order to better aid potential homebuyers, as well as improve the bottom line for businesses and banks.
Issues in the mortgage industry affect not only financial institutions and other businesses involved with lending, but also consumers. Debra Still, chairman of the Mortgage Bankers Association, explained in a meeting with members of the association, that businesses need to not only value property data indicators such as heightened originations and increased profits, but also look to improve the transparency in the process.
"As the stewards of our industry we must lead," Still noted, according to Origination News. "Together we have the responsibility and the opportunity to leave a positive legacy."
Still stressed that businesses and lenders are the ones most in control of their companies' progress. However, because of that, business practices must improve. Part of this commitment includes giving employees the tools they need to better help consumers.
There was some mortgage market progress in recent months. Real estate records from the Department of Housing and Development showed government foreclosure plans cut the level of distressed properties markedly. Since the start of the Making Home Affordable Program, approximately 1.3 million property owners avoided foreclosure.