Resources
-
Joint Trade Letter to FHFA on the VantageScore 4.0 Historical Dataset
The following trade groups are writing in advance of the publication of the VantageScore 4.0 historical dataset that the Federal Housing Finance Agency (FHFA) announced plans to release early in the 3rd quarter of 2024. Based on our understanding of what Fannie Mae and Freddie Mac (the GSEs) anticipate including in the release, our members have expressed concerns that the information will be insufficient to meet their data analytics needs.
-
MBA Letter to VA on VASP Implementation
The Mortgage Bankers Association (MBA) and Housing Policy Council (HPC) welcome the Department of Veterans Affairs (VA) recent announcement of the Veterans Affairs Servicing Purchase (VASP) program, including the VA’s recognition that servicers require sufficient time to implement the program. Mortgage servicers are committed to the successful launch and long-term viability of the VASP program and realize its potential to help struggling Veterans. Achieving these goals and setting up an effective VASP program will require all stakeholders to execute a complex loss mitigation and servicing transfer process. We are concerned with the lack of information and guidance on how to do so.
-
MBA Letter to HUD on FY25 Budget Request
MBA supports providing the Federal Housing Administration (FHA) with the resources it requires, both in staffing and systems upgrades, to maintain its countercyclical role as a government-backed mortgage insurer. Accordingly, MBA has long been a proponent of funding for staffing, project management, and potential improvements that would allow the agency to better manage its operations and the risks associated with its Mutual Mortgage Insurance (MMI) Fund. Therefore, we urge the committee to provide $155 million for FHA’s MMI Program Account, as requested by HUD within President Biden’s FY 2025 budget.
-
Housing Affordability Coalition Congressional Letter
Today, a broad coalition of groups representing America’s housing providers, lenders and residents sent members of Congress and the Biden administration a letter outlining a number of bipartisan policies they can undertake that will expand housing supply while lowering costs as they improve housing equity and opportunity.
-
Written Statement of Jeffrey Weidell, Northmarq CEO, on U.S. House of Representatives House Committee on Oversight & Accountability Subcommittee on Health Care & Financial Services
In the written statement and through Weidell's remarks, he will provide an overview of the commercial/multifamily real estate sector, a “snapshot” of its current economic landscape, and details regarding immediate actions Congress and regulators can take – or avoid – to encourage sustainable development that ensures the continued strength of this vital portion of the American economy.
-
MBA Letter in Support of H.R. 6785, the Rural Housing Service Reform Act of 2023
The undersigned organizations are writing to express our support for H.R. 6785, the Rural Housing Service Reform Act of 2023, legislation introduced by Representatives Luetkemeyer and Cleaver, which would provide for structural improvements for several programs administered by the United States Department of Agriculture’s Rural Development (RD) agency. Specifically, the legislation would allow for the decoupling of the Section 521 Rental Assistance (RA) program when the Section 515 mortgage loan expires.
-
MBA Joint to HUD on o Docket No. FR-7080-N-17
HUD is requesting comment from all interested parties on the proposed collection of information. Comments on the Notice are due by April 26, 2024.
-
MBA Joint Letter on Mortgage Loan Originators Remote Work
The Oklahoma Mortgage Bankers Association (OMBA) and the Mortgage Bankers Association (MBA) request your support of SB 1492, which would provide much needed workplace location flexibility for Oklahoma licensed mortgage loan originators (MLOs). The Department has demonstrated fairness and professionalism throughout the negotiation to shape the details of this effort. This bill is consistent with MBA’s model state legislation and regulation for remote work which over 29 states + DC have adopted. This bill also provides industry supported fee structure changes for the Department to ensure supervision evolves with current industry practices and consumer expectations.
-
MBA Letter to HFSC on One Resolution and Two Bills on Real Estate Finance
Mortgage Bankers Association share the association’s views regarding one resolution and two bills that impact the real estate finance system and are scheduled for markup later today by the full Financial Services Committee, as follows: H.J. Res. 120, a resolution "providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council (FSOC) relating to "Guidance on Non-Bank Financial Company Determinations" (Hill).
-
MBA Joint Letter on HUD “Build America, Buy America” RFI
The undersigned organizations will describe the most common building products and materials used in new construction of single-family and multifamily housing, the most commonly imported items, and the lingering concerns about the potential unintended consequences for affordable housing production that may result from applying BABA domestic sourcing requirements to HUD’s affordable housing programs.
-
MBA Joint Letter to FEMA on changes to Standard Flood Insurance Policy form
The American Bankers Association1 and Mortgage Bankers Association (the Associations) appreciate the opportunity to comment on the Federal Emergency Management Agency’s (FEMA’s) proposal3 to revise the Standard Flood Insurance Policy (SFIP) form, which has not been substantially updated since 2000. The SFIP defines the coverage, limitations, and exclusions for National Flood Insurance Program (NFIP) policies and includes terms and conditions that are unique to the NFIP.
-
MBA Joint Trades Letter on 1031 - Preserving Like-Kind Exchange Rules
We write to express our strong support for preserving the like-kind exchange rules under Internal Revenue Code Section 1031. Section 1031 is a time-tested provision critical to the health of U.S. commercial real estate and the well-being of communities across the country.
-
MBA Letter to FHFA on Title Acceptance Pilot
The Mortgage Bankers Association (MBA) writes to express our deep concerns regarding the Federal Housing Finance Agency’s (FHFA) recent announcement of the approval of a “Title Acceptance Pilot” which aims to reduce costs for a small group of borrowers by allowing Fannie Mae to remove existing requirements that a lender’s title insurance policy or Attorney Opinion Letter (AOL) be obtained for certain transactions. It is particularly concerning that to our knowledge this pilot program has not gone through the proper procedures required by FHFA for new products and activities and appears to violate “bright line” principles by encroaching into the primary mortgage market.
-
MBA Letter on H.R. 1321, the More Homes on the Market Act
MBA express the association’s support for H.R. 1321, the More Homes on the Market Act. As the Ways and Means Committee prepares for consideration of tax-related legislation, either later this year or during the 119th Congress (when many provisions of the Tax Cuts and Jobs Act (Public Law 115-97) are set to expire), your bill establishes an important marker for the expected policy debate on the federal tax code’s impact on residential real estate markets.
-
MBA Letter to VA to Reevaluate Prohibition on Commission Payments by Veterans
The Mortgage Bankers Association (MBA) applauds the Department of Veterans Affairs (VA) for its commitment to providing access to affordable housing for our nation’s veterans. The VA home loan program stands as one of the most significant benefits servicemembers earn in recognition of their sacrifices, and maintaining its accessibility and operational efficiency is a critical step towards fulfilling the VA’s duties to our nation’s heroes.
-
MBA Joint Statement Opposing Rent Control on LIHTC-Financed Properties
MBA Joint Statement Opposing Rent Control on LIHTC-Financed Properties
-
Key Takeaways From The NAR Commission Lawsuit Settlement
A proposed nationwide class of home sellers has reached a $418 million joint settlement with NAR that will resolve claims in some of the antitrust class actions against NAR. The Settlement with NAR is in addition to prior settlements (totaling $208.5 million) reached with defendants Anywhere Real Estate, RE/MAX, and Keller Williams. Under the terms of the Settlement, NAR will be responsible for paying $418 million in four annual installments along with interest, for the benefit of home sellers across the United States, as well as $3 million toward settlement notices. It also provides for far-reaching changes to NAR’s rules governing real estate broker compensation and the MLS system. Please see the attached summary for more details.
-
MBA-NAR Joint Letter to GSEs and FHA on IPC Confirmation
As a result of certain business practice changes in the settlement, the undersigned associations believe it is critically important for the GSEs and FHA to review the settlement and provide guidance to market participants that will ensure these new arrangements will continue to be supported by the Federal Housing Administration (FHA), Freddie Mac and Fannie Mae (the GSEs) underwriting standards.
-
MBA Letter to CFPB on Fees for Instantaneously Declined Transactions
The Mortgage Bankers Association (MBA) appreciates the opportunity to comment on this rulemaking from the Consumer Financial Protection Bureau (the Bureau or CFPB). The proposed rule would prohibit a financial institution from charging a nonsufficient funds (NSF) fee to a consumer who attempts to withdraw, debit, pay, or transfer funds from their account and is declined instantaneously or near instantaneously by the financial institution. The Bureau interprets the fee to be banned as abusive practice under their unfair, deceptive, or abusive acts or practices (UDAAP) authority. MBA recognizes that the proposed rule would have no effect on the mortgage industry. However, MBA objects to the Bureau’s overbroad interpretation of the scope of its abusiveness authority. The Bureau’s expansive view of its UDAAP authority inappropriately diminishes the role of disclosures in consumer finance.
-
Statement of MBA's Mike Fratantoni on Current Housing Market Conditions and Challenges Before the House Financial Services Subcommittee on Housing and Insurance
In the remarks, Fratantoni will review current market data on various aspects of the mortgage market, focusing on the buyers, the products, the sources of financing, and the obstacles that homebuyers and lenders face. Fratantoni will also examine some of the current trends in the rental housing market, including that for single-family rentals (SFR).