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April 20, 2012
MBA hosted its annual National Advocacy Conference (NAC) this week, with more than 400 members fanning out across Capitol Hill and the executive branch to meet with their members of Congress, senators, regulators, and senior administration officials. In the midst of MBA's fly-in, the Consumer Financial Protection Bureau (CFPB) provided important guidance to states that will allow them to implement reciprocity, in certain instances, for loan originator licenses. This issue has been a high priority for MBA, and the CFPB's decision is a direct result of the advocacy efforts of our members.
In this Issue:
MBA members highlight the Need for Market Certainty with
White House Policy Leaders
On Thursday, April 19, 2012, MBA members met with President Obama's Housing Policy team to offer suggestions on how to promote further recovery in the housing market. Members of the White House team included the President's Chief of Staff, leadership from the National Economic Council and Treasury Department, and HUD Secretary Shaun Donovan. Held in the West Wing of the White House, topics during the discussion included the need for clarity in establishing the "Qualified Mortgage" definition, repurchase obligations and servicing standards. For more information, please contact Steve O'Connor at (202) 557-2867.
Industry Leaders Meet with Federal Reserve Board Governors
On Monday, April 16, 2012, MBA members met with the entire Board of Governors of the Federal Reserve System, including Chairman Ben Bernanke. Discussion topics included the need for clarity in establishing the "Qualified Mortgage" definition, repurchase obligations and servicing standards. For more information, please contact Bill Killmer at (202) 557-2867.
Director Cordray Hears from MBA Leaders on Key Rule Makings
On Thursday, April 19, 2012, MBA members met with CFPB Director Richard Cordray, Deputy Director Raj Date and other key staff of the CFPB to discuss the need for clarity in establishing the "Qualified Mortgage" definition and servicing standards. For more information, please contact Steve O'Connor at (202) 557-2867.
MBA National Advocacy Conference Attendees Take the Need for Certainty in Real Estate Finance to Congress and the Administration.
This week, industry professionals from across the country arrived on Capitol Hill to deliver the industry's advocacy message to law makers and regulators, culminating months of work by the leadership and members of the Mortgage Action Alliance, Inc ®. Over 400 attendees participated in nearly 210 meetings with their representatives in 38 states and Puerto Rico. In a single day, MBA asked Congress to restore certainty to real estate finance for the benefit of consumers and the mortgage industry alike.
New at the NAC this year was a separate track of Capitol Hill meetings for MBA's Commercial/Multifamily members to provide a more focused forum to discuss the unique nature of their issues. In addition to key committee staff, participating in this discussion were Senate Banking Committee members Senator Jon Tester (D-MT) and SenatorDavid Vitter (R-LA) and House Financial Services Committee members Rep. Gary Peters (D-MI), Rep. Pat Tiberi (R-OH), and Rep. Nydia Velazquez (D-NY). During the general sessions, all conference attendees heard from Senate Banking Committee member Sen. Mark Warner (D-VA) of the Senate Banking Committee, and House Financial Services Committee members Rep. Randy Neugebauer (R-TX) and Maxine Waters (D-CA). HUD Secretary Shaun Donovan also addressed attendees at a breakfast on Thursday morning. For more information, please contact William Kooper at (202)557-2737.
MBA Joins 30 Trade Associations in Letter to PCAOB on Mandatory Auditor Rotation Proposal.
On Thursday, April 19, 2012, MBA joined 30 trade associations in a letter to the Public Accounting Oversight Board (PCAOB) expressing concerns over their Concept Release on Auditor Independence and Audit Firm Rotation and Notice of Roundtable that would require audit firm rotation for publicly held entities. Among other things, the letter expressed the concern over the failure of the PCAOB to demonstrate a factual record for the need for mandatory audit firm rotation. The letter also states that mandatory firm rotation, if implemented, will harm overall corporate governance, reduce audit quality, diminish the role of audit committees, increase the incidence of undetected fraud, and raise costs. For more information, please contact Jim Gross at (202) 557-2860.
MBA Joins 32 Other Groups in Advocating QM
On Thursday, April 12, 2012, MBA developed a letter, which it signed along with 32 other industry, consumer and other concerned groups, that was sent to CFPB Director Richard Cordray advocating the establishment of a broad Qualified Mortgage (QM) definition in the forthcoming Ability to Repay/QM Rule. The letter urges that such action is the only way to help the economy and ensure that the largest number of credit worth borrowers is able to access safe, quality loan products. For more information, please contact Ken Markison at (202) 557-2930.
MBA Comments on CFPB Privilege Rule
MBA commented on the CFPB's proposed rule to maintain the confidentiality of privileged information. The comment urged that only legislation could provide a sufficient basis to protect privileged information of depository institutions, non depository institutions, and other supervised entities in the mortgage industry. For more information, please contact Ken Markison at (202) 557-2930.
Industry Developments:
Consumer Financial Protection Bureau Clarifies State Reciprocity In Loan Originator Licensing
On Thursday, April 19, 2012, the Consumer Financial Protection Bureau (CFPB) issued a bulletin clarifying that states may grant transitional loan originator licenses to individuals who holds a valid loan originator license from another state. The bulletin indicated that the CFPB's current SAFE Act regulations, however, do not allow states to provide transitional licenses to registered loan originators who work for banks and seek to work for state regulated mortgage lenders. MBA has worked very hard advocating transitional licenses for both categories of qualified originators. While MBA believes yesterday's announcement is an important first step, it will now advocate appropriate revisions, by the CFPB to its rules and the states to state requirements, to implement transitional licensing. Implementation of transitional licensing for all qualified originators will help ensure that consumers benefits from strong competition and high quality service by originators for sustainable mortgage credit. For more information, please contact Ken Markison at (202) 557-2930.
CFPB Issues Bulletin on Disparate Impact in Lending
For more information, please contact Ken Markison at (202) 557-2930.
Congressional Hearings:
April:
25 Senate Committee on Banking, Housing & Urban Affairs:
25 Senate Committee on Banking, Housing & Urban Affairs: Oversight of The U.S. Securities and Exchange Commission: Capital Markets and Government Sponsored Enterprises
26 Senate Committee on Banking, Housing & Urban Affairs: Legislative Proposals in the United States Department of Housing and Urban Development's FY 2013 Budget
Click here for Upcoming MBA Conferences and Events |
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Don't miss these great MBA/MW Events
- 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)
Register here by April 26 for the early bird rate. Sponsor the CREF Real Estate Update.- Charity Happy Hour on May 10 starting at 6:00pm (Residential)
Location: Uncle Julio's Rio Grande Restaurant in Reston, VA
- Spring Golf Outing on June 7 (Commercial & Residential) Location: 1757 Golf Club, 45120 WaxPool Road, Dulles, VA
- 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.
-Mortgage Bankers Reunion on December 5 (Residential)
-Annual Meeting & Holiday Luncheon on December 14 (Commercial & Residential)
Details for these events are being finalized.
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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