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May 4, 2012
The House and Senate took a week off but will return on Monday, May 7th, to tackle appropriations bills and a measure to prevent student loan interest rates from doubling. MBA is also ratcheting up its advocacy efforts on the QM rule and legislation to amend the definition of "points and fees" that will be used to determine whether a loan meets the QM criteria.
In this Issue:
Action Needed to Support Legislation to Change the Points and Fees Calculation under Dodd-Frank
MBA members are encouraged to take action to support legislation that would change the way points and fees are calculated under the "qualified mortgage" (QM) definition in the Dodd-Frank Act. H.R. 4323, the Consumer Mortgage Choice Act introduced by House Financial Services Committee member Rep. Bill Huizenga (R-MI), is a bill, that receives MBA's support and support from both political parties (co-sponsors include Rep. William Lacy Clay (D-MO), Rep. Gregory Meeks (D-NY), Rep Ed Royce (R-CA), Rep. Aaron Schock (R-IL) and Rep. David Scott(D-GA)). The bill clarifies that affiliate title fees, certain loan originator compensation, and escrow payments are not included in the calculation. Dodd-Frank provides that a qualified mortgage under its "ability to repay" standards cannot have points and fees in excess of three percent of the loan amount. This three percent limit on points and fees could have the unintended effect of limiting the availability of affordable mortgage credit, particularly for loans under $150,000. To contact your member of Congress to support this important legislation, please click HERE to find the Mortgage Action Alliance, Inc. (MAA) homepage and then click the "Take Action" button (if you don't have, or forgotten, your username and password, click on "forgot password" to get started). If you are not already a MAA member, you will first need to join for free by clicking here. For further information, please contact William Kooper, (202) 557-2737.
MBA Holds REIT Executive Council Fly -In
MBA's Mortgage REIT Executive Council held another Washington, DC "fly-in" on Wednesday, May 2nd, to meet with SEC Chairman Luis Aguilar, Ginnie Mae President Ted Tozer and staff, and senior officials of the Federal Housing Finance Agency (FHFA). The purpose of the meeting was to urge the SEC to resolve its "Concept Release" issued six months ago regarding whether REITs should continue to be exempt from the Investment Company Act of 1940. The FHFA and Ginnie Mae meetings were very productive in terms of ensuring policy discussions regarding the future of housing finance include recognition of REITs as a critical source of private capital. For more information, please contact Michael Carrier, (202) 557-2870.
MBA to Hold National Secondary Market Conference and Expo Begins Sunday
MBA is holding its National Secondary Market Conference and Expo during the 6th through 9th of May in New York, New York. MBA CEO Dave Stevens will be joined by a great list of speakers that includes News Correspondent Tucker Carlson and CNN Political Analyst Paul Belaga. For more information or to register for the conference, please click here or contact Michael Carrier, (202) 557-2870.
MBA Comment and Congressional Letter(s):
MBA Submits Letter to FHA on Disputed Accounts and Collections Policy
On May 2, 2012, MBA submitted a letter to Acting Assistant Secretary for Housing - Federal Housing Commissioner Carol Galante with recommendations on FHA's disputed accounts and collections policy. In the letter, MBA makes the following recommendations:
1. FHA should have separate guidance for disputed accounts and collections.
2. Disputed accounts should not have a dollar limit, if it is a valid dispute.
3. Medical collections should be excluded from the collections policy.
4. The collections limit should be raised from $1,000 to $2,500.
5. FHA should clarify what is acceptable evidence for collections payoffs; and
6. All policy changes and clarifications should be communicated through Mortgagee Letters.
The revise policy is expected to become effective July 1, 2012. For more information, please contact Tamara King, (202) 557-2758.
Congressional Hearings:
May:
7 House Committee on Financial Services: (Field Hearing in Chicago) An Examination of the Federal Housing Finance Agency's Real Estate Owned
(REO) Pilot Program
8 Senate Committee on Banking, Housing & Urban Affairs: Expanding Refinancing Opportunities to Improve the Housing Market
House Committee on Financial Services: Improving the Federal Reserve System - Examining Legislation to Reform the Fed and Other Alternatives
9 Senate Committee on Banking, Housing & Urban Affairs: The National Flood Insurance Program: The Need for Long-Term Reauthorization and Reform
Senate Committee on Banking, Housing & Urban Affairs: Is Simpler Better? Limiting Federal Support for Financial Institutions
House Committee on Financial Services: Rising Regulatory Compliance Costs and Their Impact on the Health of Small Financial Institutions
House Committee on Financial Services: Oversight of the Federal Housing Administration's Reverse Mortgage Program for Seniors
10 House Committee on Financial Services: The Costs and Consequences of Dodd-Frank, Section 1502 - Impacts on America and the Congo
Click here for Upcoming MBA Conferences and Events |
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Don't miss these great MBA/MW Events
- 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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