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March 30, 2012
With significant help from MBA, Representatives Huizenga, Royce, Clay and Scott introduced a QM 3% bill. Republicans prepared to rally around Congressman Paul Ryan's proposed budget, which passed in the House of Representatives on Thursday, while Democrats eagerly dissected its contents. Fiscal 2013 appropriations hearings were held on Capitol Hill. Treasury Secretary Tim Geithner testified in both the House and the Senate and Richard Cordray, Director of the CFPB testified in the House Financial Services Committee. MBA members began discussing lifting the moratorium on the investor version of 203(k) home improvement loans at meetings with the Federal Housing Administration and the Federal Housing Finance Agency.
In this Issue:
MBA meets with the Federal Housing Administration on 203(k) Program
On Thursday, March 29th, MBA staff and members met with staff of FHFA and FHA to discuss allowing individual investors to participate in FHA's 203(k) Rehabilitation Loan Program. This program change was recommended by MBA in its response to the Federal Housing Finance Agency's Request for Information on asset disposition in September 2011. MBA believes that increasing financing options to local investors would help decrease the current real estate-owned inventory in the country. MBA will continue to advocate for this important change. For more information, please contact Tamara King (202) 557-2758 or Andrew Szalay (202) 557-2941.
MBA Submits Comment Letter on Seller Concessions
On Monday, March 26th, MBA responded to proposed guidance for the Department of Housing and Urban Development, Federal Housing Administration (FHA) Risk Management Initiatives: Revised Seller Concessions. In the letter, MBA supports the reduction of seller concessions' limits permitted as offsets to actual closing costs from its current six percent to three percent or $6,000, whichever is greater. MBA strongly opposes the inclusion of "lenders" in the definition of "interested third parties," recommending that FHA provide at least 90 days for implementation of any policy changes. For more information, please contact Tamara King (202) 557-2758.
Consumer Mortgage Choice Act Introduced with MBA Help
On Thursday, March 29th, a bipartisan group of House members introduced the Consumer Mortgage Choice Act. The bill, sponsored by Representative Bill Huizenga (R-MI), would make three important changes to the way points and fees are calculated under the "qualified mortgage" (QM) definition by excluding affiliate title fees, certain loan originator compensation, and escrow payments. MBA helped spearhead efforts to introduce this bill, which is a key part of its advocacy efforts. For more information, please contact Len Wolfson (202) 557-2712.
Congressman Neugebauer Will Speak at MBA National Advocacy Conference
Congressman Randy Neugebauer (R-TX) will join Senator Baucus (D-MT) and Secretary Donovan in addressing attendees of MBA's National Advocacy Conference, taking place on April 18-19th in Washington, D.C. The Congressman is not only a member of the House Committee on Financial Services but also the Chairman of the Subcommittee on Oversight and Investigations. For more information, please contact William Kooper (202) 557-3737.
Industry Developments:
Financial Services Committee Approves FHA Bill
On Tuesday, March 27th, the House Financial Services Committee approved the FHA Emergency Fiscal Solvency Act by a voice vote MBA sent a letter to the committee endorsing the bill, which gives FHA additional flexibility in setting annual premiums and allows Direct Endorsement lenders to "table fund" mortgages, and commending the subcommittee for removing more controversial provisions that would have lowered loan limits for much of the country and raised down payment requirements. The bill also contains an MBA-supported amendment that improves the bill's indemnification provisions by limiting them to "serious and material" violations of HUD regulations and creating a process for lenders to appeal indemnification decisions. During the mark-up, committee members of both parties soundly voted down a pair of amendments that would have forced FHA to increase premiums to the maximum cap and reduced FHA's guarantee to 80 percent of a loan's balance. For more information, please contact Len Wolfson (202) 557-2712.
CFPB Director Testifies in House Financial Services Committee
On Thursday, March 29, CFPB Director Richard Cordray testified before the House Financial Services Committee. The hearing was a review of the CFPB's semi-annual report to Congress and primarily focused on how he would lead the agency. Both Congresswoman Shelley Moore Capito (R-WV) and Congressman Brad Sherman (D-CA) asked questions about the Qualified Mortgage definition and a narrow QM's effect on mortgage credit availability. Cordray also fielded questions on the topics of loan officer compensation and transitional licensing. For more information, please contact Dion Spencer (202) 557-2741.
MBA comment letters:
MBA signs joint letter responding to FHFA on PACE energy efficient retrofit program. For more information, please contact Andrew Szalay (202) 557-2941.
Links:
RIHA Sponsors Webinar on Affordable Housing Study
MBA's Research Institute for Housing America (RIHA) hosted a webinar on a new study by Dr. John Weicher of the Hudson Institute regarding the evolution of the affordable housing stock in the United States. For more information, please contact Mike Fratantoni (202) 557-2935.
MBA Holds REITs Fly-In with SEC
MBA's Mortgage REIT Executive Council met with SEC Commissioner Elisse Walter on March 27th to discuss the SEC's Concept Release regarding whether REITs should be excluded from the term "investment company" for compliance purposes with the Investment Company Act of 1940. For more information, please contact Michael Carrier(202) 557-2870.
Congressional Hearings:
April 2nd - 13th Passover/Easter Work Period
Click here for Upcoming MBA Conferences and Events |
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Don't miss these great MBA/MW Events
- Charity Happy Hour on April 5 at BlackFinn in Bethesda, MD (Residential)Location:4901 Fairmont Ave., Bethesda, MD
- The Power of Being Different: Strategies to Build Your Personal Brand for Success on April 10 (Residential)
Location: 520 Huntmar Park Drive, Herndon, VA
Register here by April 3rd for the early bird rate.- Become a CMB (Certified Mortgage Banker): A FREE Conference Call Seminar on April 20 (Residential & Commercial)
- Navigating Today's Mortgage Environment on May 1(Residential)Choose to attend morning seminar in VA or afternoon seminar in MD.
- Commercial Real Estate Finance Council's Spring Real Estate Update on May 3 in Washington, DC (Commercial)
- Spring Golf Outing in June 7 at 1757 Golf Club in Dulles, VA (Commercial & Residential)
- Mid-Atlantic Lender/Broker Conference on October 18 (Residential)
Location: Waterford at Fair Oaks, Fairfax, VA
Exhibitor and Sponsorship registration is now open. Click here for details. Visit our website for additional details and to register: www.mbamw.org |
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Mortgage Bankers Association of Metropolitan Washington PO Box 1522, Olney, MD 20830-1522 (301)924-0633 fax (301)924-4124 info@mbamw.org www.mbamw.org   
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