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May 18, 2012
Congress wrangled over efforts to reauthorize the National Flood Insurance Program all week. The House overwhelmingly passed a stop-gap extension through the end of June, while the Senate took up a bill to keep the program running through the end of 2012 only to see a lone senator object to the measure. With the House scheduled to be in recess next week, another lapse in the program - scheduled to expire on May 31 - looms as a real possibility.
In this Issue:
MBA Hosts Inaugural CampusMBA CFPB Webinar
On Wednesday, May 16, MBA and the Consumer Financial Protection Bureau (CFPB) began a series of regularly scheduled webinars. During the first program CFPB staff provided an overview of CFPB organization, the Regulatory Agenda, and the Complaint System. Next month's call will address the Examination Process as well as the Loan Originator Compensation and Qualification Rule. A date and time will be announced shortly. For more information, please contact Ken Markison, (202) 557-2930.
MBA Joined Other Industry Groups to Advocate for Continued Funding for the Census Bureau's American Community Survey (ACS)
This week, MBA and other influential industry groups signed joint letters to Congress in order to make clear the productive uses of the ACS. Currently, a proposal sits before Congress that would cut funding to the ACS, which replaced the long-form of the Census. The information the ACS delivers helps to inform many MBA members' strategic plans. For more information, please contact Michael Fratantoni, (202) 557-2935.
MBA Meets with CFPB on Mortgage Servicing Rules
On Tuesday, May 15, MBA joined other trades in a dialogue with the CFPB addressing the Bureau's pre-proposed loan servicing rules released on April 9 of this year. MBA staff offered suggested alternatives with regard to the elements of proposed monthly statements, ARM disclosures, lender placed insurance disclosures, and the error resolution process. MBA also obtained clarification on the scope of the early intervention disclosures, application of payments, and continuity of contact (SPOC-type) proposals as well as nuanced words such as "reasonable." Highlights of the meeting include CFPB's commentary concerning continuity of contact, whereby servicers will have more flexibility to ensure proper borrower contact than to appoint a single point of contact. MBA is preparing to submit comments and opinions to CFPB in response to the meeting. Official release of proposed rules is anticipated in July 2012. A separate meeting with smaller servicers was also held on May 15, and MBA had four member companies represented. For more information, please contact Vicki Vidal, (202) 557-2861.
MBA Sends Statement to Senate Urging Reauthorization of NFIP
On Wednesday, May 9, the Senate Economic Policy Subcommittee held a hearing on the need for long-term flood insurance reform and reauthorization. MBA crafted a statement for this hearing that asked the Senate to reauthorize the National Flood Insurance Program and avoid a costly lapse in coverage as well as requested clarification concerning commercial property coverage's applicability to multifamily properties.
This Thursday, May 27, saw the House's passage of HR 5740, the National Flood Insurance Program Act. If enacted, the legislation would extend the prior May 31st conclusion of NFIP to June 30th. For more information, contact Vicki Vidal, (202) 557-2861; Dion Spencer, (202) 557-2741; or Kathy Marquardt, (202) 557-2742.
Industry Developments:
The CFPB Moves Forward in "Residential Loan Origination Standards Rulemaking"
On Wednesday, May 9, the CFPB released an Outline of Proposals Under Consideration and Alternatives Considered "(Outline) for its forthcoming "Residential Loan Origination Standards Rulemaking." That rule, scheduled to be proposed in July 2012, will implement sections of Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) concerning mortgage loan originator (MLO) compensation and qualifications. Dodd-Frank requires the CFPB to convene a panel of small businesses to review significant regulations and the Outline was issued for that purpose.
MBA has summarized the Outline provided to panel attendees. For more information, please contact Ken Markison, (202) 557-2390 or Justin Wiseman, (202) 557-2854.
MBA Comment and Congressional Letter(s):
MBA Submits Letter in Support of Transitional Licensing Legislation
On Wednesday, May 16, MBA sent a letter to Senator Jim Hughes, the Chair of the Ohio Senate Financial Institutions Committee, establishing its support for transitional licensing language included in Ohio legislation, SB 333. The letter proved useful for Ohio MBA supporters of transitional licensing when it was included as written testimony during a hearing held the same day on SB 333. The hearing resulted in a unanimous vote to pass the bill. SB 333 remains in the upper chamber for more committee discussion. For more information, please contact Cassandra Riedy, (202) 557-2811.
Congressional Hearings:
May:
22 Senate Committee on Banking, Housing & Urban Affairs: Implementing Derivatives Reform: Reducing Systemic Risk and Improving Market Oversight
23 Senate Committee on Banking, Housing & Urban Affairs: Reviewing the U.S. - China Strategic and Economic Dialogue
24 Senate Committee on Banking, Housing & Urban Affairs: The Responsible Homeowner Refinancing Act of 2012 (Quicken Loans CEO Bill Emerson slated to testify)
Click here for Upcoming MBA Conferences and Events |
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Don't miss these great MBA/MW Events
- Spring Golf Outing on June 7 (Commercial & Residential) Location: 1757 Golf Club, 45120 WaxPool Road, Dulles, VA
- Charity Happy Hour on June 14 (Residential) Location: Old Anglers Inn in Potomac, MD
Register here for this free event.
- CREF Council's Summer Break Networking Event on July 18 (Commercial)
Location: RFD Washington
Details are being finalized and will be available soon.
- 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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