Resources
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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.
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MBA Joint Statement Opposing Rent Control on LIHTC-Financed Properties
MBA Joint Statement Opposing Rent Control on LIHTC-Financed Properties
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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.
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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.
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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.
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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).
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MBA Letter to FHA on Permanent Loss Mitigation Waterfall
The Mortgage Bankers Association appreciates the efforts of the Federal Housing Administration (FHA) to engage with the industry to craft effective loss mitigation guidance to protect borrowers from foreclosure, especially the recently announced Payment Supplement program. As you know, access to the FHA’s COVID-19 Recovery Loss Mitigation Waterfall (“COVID waterfall”) will expire on April 30, 2025. MBA believes that maintaining the flexibility available to distressed borrowers throughout the pandemic is essential to preserving affordable homeownership for future borrowers and the health of the Insurance Fund.
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MBA-Led Coalition Letter to SBC and HFSC on Trigger Leads Legislation
The undersigned groups, representing a diverse set of housing and financial services stakeholders and advocates, are writing to express our strong support for the bicameral, bipartisan Homebuyers Privacy Protection Act of 2024, as introduced by Senators Jack Reed (D-RI) and Bill Hagerty (R-TN) and Representatives John Rose (R-TN) and Ritchie Torres (D-NY). This important consumer protection legislation, S. 3502, and H.R. 7297 (respectively), if enacted, would curb the abusive use of mortgage credit “triggers leads” in all but a limited set of circumstances. We urge you to support this carefully crafted proposal and to schedule the two bills for markup before your respective committees as soon as possible.
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MBA Joint Trades Letter on Biden Administration Fact Sheets on Housing Supply
The undersigned national real estate and housing associations represent abroad coalition of housing providers and lenders that are committed to working together with policymakers to promote sustainable and responsible solutions to address America’s housing availability and affordability challenges. Today, we offer this letter in response to the Administration’s recent Fact Sheets, “Biden-Harris Administration Announces New Actions to Boost Housing Supply and Lower Housing Costs,” and "The Price Isn’t Right: How Junk Fees Cost Consumers and Undermine Competition.
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MBA Letter on Re-Proposed Illinois CRA Rules to the Department and Legislative Staff
The Mortgage Bankers Association (MBA) appreciates the opportunity to again provide comments to the Illinois Department of Financial and Professional Regulation (IDFPR) on the implementation of Public Law 101-657 of 2021, the Illinois Community Reinvestment Act (ILCRA). MBA and our member companies are committed to providing fair and equitable access to credit, and they continue to work with government and private sector stakeholders to develop new products and strategies to reach underserved markets and communities. MBA also appreciates IDFPR’s extension of the comment period until March 6th as well as the opportunity to discuss MBA member views during a recent meeting.
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MBA Letter on House Financial Services Committee Housing Bills Markup
Mortgage Bankers Association is writing to share the association’s views regarding two of the bills that impact the real estate finance system scheduled for markup by the full Financial Services Committee on February 29, 2024.
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MBA Statement on Automated Valuation Models and Property Data Collection
The Mortgage Bankers Association appreciates the opportunity to participate in today’s working session to educate this group on the use of algorithm technology in the mortgage process and specifically the use of automated valuation models (AVMs) and property data collectors. The mortgage industry has carefully and deliberately introduced AI, algorithms, and other technologies for a number of reasons, including increasing efficiency, lowering the risk of human error and improving consumer experience.
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MBA Letter to VA on the Veterans Housing Stability Act of 2024
Mortgage Bankers Association writes to express support for S. 3728, the Veterans Housing Stability Act of 2024. According to the MBA National Delinquency Survey, 74,370 Veterans are seriously delinquent on their home mortgages as of December 31, 2023. The bill provides these homeowners – who earned their Department of Veterans Affairs (VA) loan guarantee through sacrifice and service to our nation – a solution to resolve delinquency that other borrowers with government-backed loans already possess.
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MBA Joint Comment Letter on Proposed Changes to Rule 3002.1
Founded in 1988, the USFN - America's Mortgage Banking Attorneys® ("USFN") is a national, not-for-profit association of law firms that specialize in matters of real estate finance. USFN consists of law firms that represent banks, mortgage lenders, mortgage servicing companies and government sponsored enterprises in connection with foreclosure, bankruptcy, loan modifications and other workouts, inventoried properties, and litigation related to these areas of representation. Membership also includes industry-affiliated suppliers of products and services.
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MBA Comment Letter on Proposed Changes to Bankruptcy Rule 3002.1
The Mortgage Bankers Association (MBA)1 offers the following comments in response to the proposed changes to Bankruptcy Rule 3002.1 and its associated forms by the Judicial Conference of the United States (the Conference).
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MBA Letter to Treasury on FSOC Concerns About Nonbank Mortgage Servicers
The Mortgage Bankers Association writes in response to certain comments you made regarding independent mortgage bankers (IMBs) during last week’s hearings on the Financial Stability Oversight Council (FSOC)’s Annual Report to Congress.
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MBA Comment Letter to VA on Minimum Property Requirements ANPR
The Mortgage Bankers Association (MBA) appreciates the opportunity to provide comments in response to the Department of Veterans Affairs (VA) Advance Notice of Proposed Rule Making (ANPR) concerning the need for improvements to VA’s minimum property requirements (MPRs) for the VA-guaranteed and direct loans as required by the Improving Access to the VA Home Loan Benefit Act of 2022. The VA Home Loan Guaranty Program is one of the most significant benefits servicemembers and veterans receive in return for their sacrifice, and making this program more accessible and operationally efficient is a critical step towards delivering much needed housing to our nation’s heroes. At a time when inventory remains historically low and the average purchase price for a new home has reached $492,3002, it is imperative to ensure that the VA Home Loan Guaranty program remains competitive and viable for veterans or service members.
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MBA Joint Letter to NY Legislative Leaders on the 421a Program
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MBA Joint Letter to HUD on Section 8 Income Limits
MBA signed a coalition letter responding to HUD’s proposed rule on calculating Section 8 income limits. The letter expresses concern with the new methodology and the negative impact on Fair Market Rents, which in can make it challenging to predict and plan for the costs of construction and maintenance of affordable housing.
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MBA Letter to Federal Trade Commission on Unfair or Deceptive Fees
The undersigned organizations appreciate the Federal Communications Commission’s (“Commission”) efforts to clarify rules regarding revocation of consent. As we have previously explained, the members of the Associations make every effort to promptly honor reasonably relayed requests to stop further communications.