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MBA ADVOCACY UPDATE 

May 25, 2012

Heading into the Memorial Day weekend, the Senate unanimously passed a 60-day extension of the National Flood Insurance Program, a priority for MBA and its commercial and residential members. The bill now moves to the House, which must approve the bill next week in order to avoid the program lapsing at the end of the month. A short-term extension also gives the House and Senate additional time to pass a 5-year reauthorization of the program.
 
In this Issue:
MBA's Legal Issues and Regulatory Compliance Conference Draws 700
This week, MBA conducted its Legal Issues and Regulatory Compliance Conference in Palm Springs, California. Drawing more than 700 industry professionals, the conference's panels covered key legal and regulatory issues including the Ability to Repay/QM Rule, Loan Originator Compensation, RESPA TILA Simplification; CFPB Supervision and Examination; Unfair, Deceptive and Abusive Acts; Fair Lending-Disparate Impact, to name a few. The Conference's array of expert presenters included MBA CEO Dave Stevens and Michael Troncoso representing California's Attorney General. MBA is formulating an agenda for an information rich Regulatory Compliance Conference in Washington, DC on September 30-October 2, 2012. For more information, please contact Ken Markison, (202) 557-2930.
 
MAA and California MBA Issue a Call to Action on Unintended
Consequences of Bills

On Wednesday, May 24, 2012, the Mortgage Action Alliance, Inc. � (MAA) issued a Call to Action in support of the California MBA regarding harm that would result from legislation currently before a Legislative Conference Committee on the California Foreclosure Crisis. The bills would codify the National Servicing Settlement. Specifically, the vaguely worded provisions of AB 278 and SB 900 would ignite a new wave of lawsuits against mortgage lenders and servicers. MAA members raised concerns about the bills' potential, detrimental impact on Californian economy, particularly provisions that may ultimately result in curtailing consumer choice and raising consumer cost.To take action, please click HERE. For more information, please contact William Kooper, (202) 557-2737.
 
Senate Banking Committee Holds Hearing on the  "Responsible Homeowner Refinancing Act of 2012"
On Thursday, May 24, 2012, the Senate Banking Committee held a hearing on S. 3085, the "Responsible Homeowner Refinancing Act of 2012," which was recently introduced by Senators Menendez (D-NJ) and Boxer (D-CA). Witnesses included Quicken Loans CEO, Bill Emerson. Much of the hearing focused on investor impact, including potential issues with the expansion of HARP eligibility to include loans originated prior to June 1, 2010, and concerns with the bill's second lien and mortgage insurance provisions. For more information, please contact Meghan Sullivan, (202) 557-2866.
 
MBA Participates on CFPB's Small Business Review Panel on Loan Officer Compensation
On Wednesday, May 23, 2012, members Larry Moss, President of Augusta Mortgage and Michael McQuiggan, CEO of Tri-Emerald Financial represented MBA on the Consumer Financial Protection Bureau's (CFPB's) Small Business Review Panel addressing the residential mortgage loan origination standards rulemaking. The panel focused on proposals regarding loan officer (LO) compensation, including aspects such as: discount points; origination points/fees in creditor-paid compensation; origination points/fees in brokerage-paid compensation; retirement plans, profit-sharing, and bonuses; price concessions and point banks; qualification and training; and the impact on the cost of business credit. MBA's Loan Officer Compensation Working Group will address the formal proposal of rules in July. For more information, please contact Tamara King, (202) 557-2758, or Andrew Szalay, (202) 557-2941.
 
Industry Developments:
Flood Insurance Stopgap Passed in Senate
On Thursday, May 24, 2012, the Senate passed HR 5470 by unanimous consent, authorizing a 60 day extension of the National Flood Insurance Program (NFIP). Previously set to expire on May 31, the NFIP had been extended narrowly to June 30 by the House. Next week, the House will have to take up the Senate measure in order to address the discrepancy in expiration dates.  While a lapse of flood insurance coverage remains a possibility, Thursday's vote in the Senate is a positive step towards comprehensive reform. For more information, please contact Dion Spencer, (202) 557-2741.
 
Fannie Mae Delays Implementation of Lender-placed Insurance Requirements.  On May 23, Fannie Mae announced that it would delay the June 1, 2012, implementation of SVC-2012-04, Updates to Lender-Placed Property Insurance and Hazard Insurance Claims Processing. Fannie Mae also indicated that it will issue an updated announcement with a new effective date shortly. MBA requested a delay in implementation in a letter to Fannie Mae dated April 6,  2012.  For more information, please contact Vicki Vidal, (202)557-2861.
 
MBA Supported Transitional Licensing Bill Moves in Ohio
On Tuesday, May 22, 2012, Ohio SB 333 passed the Senate and was transmitted to the House for consideration. OH SB 333 would enable transitional licensing in the state of Ohio. MBA submitted a letter of support for the bill to State Senator Jim Hughes, Chair of the Ohio Senate Financial Institutions Committee. For more information, please contact Cassandra Riedy, (202) 557-2811.
 
Congressional Hearings:
 
May:
 
            31       House Committee on Financial Services Mark-Up:
                       H.R. 1588 Consumer Rental
                       Purchase Agreement Act and H.R. 3128, to amend the Dodd-Frank
                       Wall Street Reform and Consumer Protection Act
     
 

Click here for Upcoming MBA Conferences and Events 

 


Don't miss these great MBA/MW Events
  Group
- Spring Golf Outing on June 7 (Commercial & Residential)
Location: 1757 Golf Club, 45120 WaxPool Road, Dulles, VA
Reserve your foursome by May 31st for the early bird rate.
Sponsorship opportunities are available. Click here for details.  


- Charity Happy Hour on June 14 (Residential)  
Location: Old Anglers Inn in Potomac, MD
Register here for this free event.

- Lunch and Learn: Loan Officer Compensation and More on June 21 (Residential)
Location: Clydes of Tysons Corner
Details are being finalized and will be available soon.

- 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

Mortgage Bankers Association of Metropolitan Washington

PO Box 1522, Olney, MD 20830-1522

(301)924-0633  fax (301)924-4124

[email protected] 

 www.mbamw.org  

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