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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Spotlight on What is New and Important Right Now
- The Mortgage Action Alliance (MAA) is celebrating 49,000+ members and growing! Join us.
- Late last week, House Financial Services Committee Chairwoman Maxine Waters (D-CA), along with Representatives William Lacy Clay (D-MO) and Juan Vargas (D-CA), sent a letter to HUD Secretary Ben Carson and Federal Housing Finance Agency (FHFA) Director Mark Calabria urging them to amend their punitive policies regarding loans in "early payment forbearance" - a high priority for MBA during the pandemic response. This letter follows the introduction of MBA-supported legislation by Chairwoman Waters and Representative Vargas that would prohibit the GSEs or FHA from denying the purchase or insurance of loans simply because borrowers requested forbearance shortly after closing. To provide further support of this much-needed legislation, which has garnered several additional co-sponsors in recent weeks, industry participants can make their voices heard through an ongoing Mortgage Action Alliance (MAA) Call to Action.
- The Federal Housing Administration announced a series of measures to provide pandemic-related relief to lenders and servicers. In a temporary waiver, FHA suspended the requirement that lenders review all Early Payment Defaults, recognizing that many such loans have exhibited missed payments due to COVID-19-related hardships. In another temporary partial waiver, FHA allowed lenders to use third-party tools as an alternative to field reviews of appraisals for loans in post-closing quality control samples. Finally, FHA clarified that it will consider the impact of COVID-19 and widespread borrower forbearance when evaluating lenders' Compare Ratios in the Neighborhood Watch System. Together, these steps represent a positive development that should provide lenders with appropriate relief while also significantly reducing compliance costs.
- 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