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 over 75,000 advocates nationwide - and growing! Join us.
- On Thursday January 28, Senators Ben Cardin (D-MD) and Rob Portman (R-OH) introduced S. 98, the Neighborhood Homes Investment Act (NHIA), a bill that would create a new federal tax credit to fuel development. A key priority in MBA's advocacy efforts, this bipartisan legislation would encourage rehabilitation of single-family homes and attract $100 billion in development activity to underserved rural and urban communities across the country. Click here to read Senator Cardin and Portman's press release. To provide further support of this bill, industry participants can make their voices heard through a 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