Resources
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.