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Mortgage industry outlines low delinquency but warns on affordability, flood insurance and federal regulatory access
Summary
Representatives of the Massachusetts Mortgage Bankers Association and MMBA described low state delinquency rates compared with national trends, continuing concerns over housing affordability, and frustration at reduced access to some federal agencies for educational work.
Debbie Sousa, executive director of the Mass Mortgage Bankers Association (MMBA), and Daryl Caffey, director of retail lending and collections at Webster 5, told the committee Massachusetts mortgage delinquencies remain relatively low but warned that housing affordability and insurance issues pose ongoing risks.
Why it matters: Mortgage industry testimony highlighted a statewide delinquency rate around 1.68% (reported in testimony as slightly below that), credited regional performance, and emphasized persistent affordability challenges and insurance concerns — including flood insurance — that affect purchase and ongoing home ownership costs.
Daryl Caffey said, "Massachusetts currently has a 1.68% or actually slightly below that, delinquency rate on mortgages." He described the Northeast and Massachusetts as performing well on delinquencies but said the sector viewed the trend with caution.
Debbie Sousa and Caffey outlined a broad set of bills affecting the mortgage industry filed this session (267 filed nationally with 48 in the committee), covering topics from escrow rules to foreclosure changes and flood insurance. Caffey also said the industry is facing changing federal regulatory engagement; he said that requests for educational support from federal entities such as Fannie Mae, Freddie Mac, FHFA and CFPB were being denied for the first time, limiting training and compliance resources for lenders.
Those testifying offered to be resources to the committee on mortgage and housing bills and encouraged engagement on issues that could affect consumers, lenders and communities.
Provenance: MMBA remarks began at transcript block 1363.11 and continued through testimony concluding at 1667.91.
