Take Action With the Mortgage Action Alliance

Speak directly with your members of Congress, state legislators and federal regulators about the impact of proposed legislation or regulations with the Mortgage Action Alliance, Inc.® (MAA). This voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association (MBA), is dedicated to strengthening the industry's voice and lobbying power in Washington, DC and state capitals across America.

Get involved with MAA to play an active role in how laws and regulations that affect the industry and consumers are created and carried out by lobbying and building relationships with policymakers. It only takes a moment to get started, and you do not have to be a member of MBA to enroll.

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Legislative Updates from the Mortgage Action Alliance

The House is in recess this week through Labor Day.  Last week, House Financial Services Committee Chairman Jeb Hensarling (R-TX) said that he plans to release his long awaited housing finance reform bill when legislators return in September. On Tuesday, the Senate passed -  and President Trump signed into law - a four-month extension of the National Flood Insurance Program (NFIP) through November 30, 2018, thereby preventing a lapse in the program and allowing House and Senate leaders to continue negotiating potential program reforms over the next several weeks and months.   

Yesterday, the Senate passed a package of appropriations bills, which included the Fiscal Year 2019 Transportation and HUD (T-HUD) and Financial Services and General Government (FSGG) bills.  Of note, this Senate-passed THUD title of the so-called "minibus" bill does NOT contain language supporting a lender fee for FHA technology; however, the bill does direct $20 million for modernizing FHA's IT systems, including improving single-family processing underwriting and delivery, claims systems, and program compliance.  Moreover, the FSGG title of this Senate minibus also does NOT include financial services policy provisions regarding the BCFP's governance, TRID ,or the QM "points and fees" definition (in contrast to the House version).  The House and Senate will now need to reconcile their differing funding levels and legislative provisions in a conference meeting.   

The Senate Banking Committee's planned vote on several administration nominees - including Kathy Kraninger to be Director of the BCFP and Michael Bright to be President of Ginnie Mae - has been indefinitely postponed (the Senate adjourned yesterday until August 13).   Meanwhile, voters in Tennessee head to the polls today, kicking off a month when 14 other states will host primary elections to determine nominees for the November midterm elections.

August 2, 2018

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