Asserting the new Current Expected Credit Loss (CECL) accounting standard could have unforeseen adverse impacts on the mortgage industry, Mortgage Bankers Association (MBA) President and CEO Robert Broeksmit urged Treasury Secretary Steven Mnuchin to delay its implementation and order a quantitative study on its overall impact.
The negative impacts the industry fears stem, in part, from the standard’s reliance on potentially inaccurate long-term economic projections.
Find out more about the association’s stance on the matter.