Advocacy and Policy
In This Section
As the leading voice for our industry, we offer a comprehensive view of policy implications in the real estate finance space. We rely on our diverse membership to provide the practical knowledge that makes a real difference on the issues that matter most to the economy, real estate finance industry and its customers.
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NEW RESOURCE: Visit our Coronavirus Resource Center for information resources from the health/disease control agencies, recommended business continuity plans, relevant information from financial regulatory agencies, as well as guidance on how companies should communicate with employees, their customers and the public.
Spotlight on What is New and Important Right Now
- In a major accomplishment for MBA Advocacy, Ginnie Mae this past Friday, March 27, provided notice of its intention to establish a liquidity facility to support servicers in a period of widespread borrower forbearance due to the effects of COVID-19. Seth Appleton, the acting head of Ginnie Mae, noted that such a facility - to be established under Ginnie Mae's Pass-Through Assistance Program - should be fully implemented within the next two weeks. MBA President and CEO Bob Broeksmit, CMB, applauded the announcement.
- MBA continues to monitor the COVID-19 situation closely. To this end, we have our Coronavirus Resources Page, which includes the latest updates from regulators, industry groups, and state agencies about how mortgage activities are being affected and new policies being put into place. Separately, we also have MBA's Coronavirus Updates Page, which lets you know what MBA is doing with regard to our own business practices, such as conference postponements, etc.
- Last week, the U.S. Department of Housing and Urban Development (HUD) issued a Housing Notice (HN) and Mortgagee Letter (ML) revising its three-year policy under Section 223(f) of the National Housing Act. Under the revised policy, HUD will accept applications for refinancing of either newly built or substantially rehabilitated properties as soon as the property has achieved the applicable debt service coverage ratio (DSCR) for at least one month (along with certain underwriting guidelines). MBA advocated for these changes and applauds the revisions to the policy, as it eliminates barriers to achieving both the public and private sectors' goals of financing the production of affordable rental housing in communities across America