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MBA State Relations Committee Update State Highlights

Advocacy News and Information From the Latest Issue of the MBA State Relations Committee Update  

MAA Call to Action in Massachusetts Urges for Restoration of Remote Counseling Options for Reverse Loans

MBA's Mortgage Action Alliance (MAA) and the Massachusetts Mortgage Bankers Association (MMBA) issued a call to action urging members to contact their representatives to allow telephone and video counseling for reverse mortgages in Massachusetts to continue. The provision in state law, which permitted these forms of consumer counseling on reverse mortgage loans, expired on March 31, 2024, via sunset. Thanks to MMBA’s advocacy, language was included in the House version of an emergency funding bill (sections 11 & 12 of H.4466) that would restore and make permanent these flexibilities for delivering consumer counseling. Massachusetts MAA members must ask their representatives to tell the six-member conference committee to resolve final language differences between the two chambers and include the House language in a final bill. MBA will continue to support MMBA in its efforts to get these sections enacted in this emergency legislation. If you are a resident of Massachusetts and have not taken action yet, please click here to do so now.

Florida MAA Members Urge Governor DeSantis to Veto Harmful Residential PACE Legislation

Florida MAA members and the MBA of Florida (MBAF) asked Governor Ron DeSantis to veto SB-770, which would significantly expand the number and types of projects eligible for financing by Florida’s residential Property Assessed Clean Energy (PACE) loan program without first subordinating residential PACE liens to mortgages. MBA has long opposed residential PACE programs because they create risk to lenders and consumers due to the priority status the PACE lien is granted ahead of previously recorded first-mortgages. They also expose consumers to further risk because they are not yet covered by MBA-supported federal consumer protection regulations currently being written by the Consumer Financial Protection Bureau (CFPB). Expanding the PACE program, which MBA opposes, would preclude borrowers from future refinancing of their first mortgages with a loan insured by the Federal Housing Administration (FHA) and VA, or with a loan sold to the Fannie Mae or Freddie Mac (GSEs). Similarly, buyers of homes with PACE liens cannot obtain federally backed financing unless the PACE lien is first paid off in its entirety. MBA will continue to support the MBAF in its efforts to stop this harmful legislation. If you are a resident of Florida and have not taken action yet, please click here to do so now. To read the MBAF letter to Governor DeSantis, click here.

Mortgage Call Report Version 6 (MCRV6) Office Hours Update

The Conference of State Bank Supervisors (CSBS) will host its biweekly “Office Hours” on MCRV6 implementation. MBA urges members to participate in these office hours to ensure all issues are addressed prior to the April 2024 filing date. CSBS has continued to make updates to their FAQs document, provided a list of states who have agreed to use the State Specific Supplemental Form (SSSF), and updated the list states offering a grace period for Q1 2024 MCRV6 filings. All updates can be found on the new Mortgage Call Report page. Office hours will remain on Mondays at 1:00pm ET on Zoom. To join the Zoom meeting (all sessions), use the following link and ID and Passcode: 

Licensees should already be collecting the appropriate MCR data for this new version and preparing to file. MBA and its state partners continue to collaborate in reaching out to state regulators to urge them to offer licensees a grace period or other flexibility for Q1 2024 MCR filings. The next office hours call is scheduled for April 22 - the series is expected to end May 6, before the first quarter filing deadline.