MBA Asks Federal Government Agencies for Clarity on OMB Memo

WASHINGTON, D.C. (January 28, 2025) — MBA's President and CEO Bob Broeksmit, CMB, released the following statement requesting clarification from federal government agencies on the Office of Management and Budget memo released on January 27:

“The Federal Housing Administration, Department of Veterans Affairs, and Rural Housing Service at the Department of Agriculture must clarify that the January 27 OMB memo calling on federal agencies to temporarily suspend payments for federal grants, loans, insurance and loan guarantees does not apply to the single family and multifamily loan insurance or guarantee programs at their agencies.

“Americans are going to the closing table tomorrow and deserve to know that their loan will close on their home purchase. Without this clear assurance that the federal government will insure new loans or pay claims under these programs, there will be severe harm to borrowers and disruption to the mortgage market.”