CREF Highlights: MBA Leadership Meets with Federal Reserve Chair Janet Yellen
MBA Leadership Meets with Federal Reserve Chair Janet Yellen and Governors
Last week MBA senior leadership from both Single-Family and Commercial/Multifamily member companies met with Federal Reserve Chair Janet Yellen and the Governors of the Federal Reserve to provide an update and outlook for the U.S. real estate finance sector.
MBA Chief Economist Mike Fratantoni gave a macroeconomic forecast that indicated stable markets in the short-term, with positive long-term demographic trends. MBA commercial/multifamily members provided commentary and insights about the overall C/MF market, including the strong capital flows and competition, as well as the importance of ongoing liquidity given demographic trends and expected loan maturities.
For more information, please contact Tom Kim at tkim@mba.org.
MBA Delegation Meets with SEC and FINRA on Proposed Margining Rule
On November 6, MBA senior leadership from MBA’s Multifamily Margining Working Group met with senior staff from the Securities and Exchange Commission’s Division of Trading and Markets and the Financial Industry Regulatory Authority on the SEC/FINRA proposed rule to impose margining on forward settling multifamily MBS.
The meeting was an opportunity to educate senior SEC and FINRA staff on the significant differences between multifamily and single-family MBS markets and to provide recommendations on necessary modifications. The proposed SEC/FINRA rule is available here. The current 21 day comment period ended on November 10. An issue brief on the multifamily impact from the proposed rule is linked here.
For more information, please contact Eileen Grey at egrey@mba.org.
MBA Hosts Life Insurance Company Servicers Executive Roundtable
More than 20 members of the Life Insurance Company Servicer Executives Roundtable met in Indianapolis on October 28. The meeting was hosted by One America Financial Partners and facilitated by Tara Uebelhor Bayse (One America) and Luke Hoffman (CUNA Mutual). Discussion included risk-based capital issues, new production, refinancing and management of resources.
The next Roundtable meeting will be held on May 25, 2016 at the MBA’s Servicing & Technology Conference in Dallas.
For information, please contact Kathy Marquardt at kmarquardt@mba.org.
House Passes Affordable Housing Amendment
The House last week, during debate on a long-term transportation bill, passed by voice vote an amendment offered by Financial Services Committee Chairman Jeb Hensarling, R-Texas, that contained H.R.2482, the Preservation, Enhancement and Savings Opportunity Act. This bill, which MBA has supported, provides technical changes to the Low Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) while ensuring long-term preservation of affordable multifamily housing properties.
The bill will permit HUD to provide additional incentives for future investors to recapitalize these multifamily properties, therefore extending their useful life and the continuation of a scarce housing resource for years to come.
For more information, please contact Eileen Grey at egrey@mba.org.
MBA Comments on HUD Reform to House Financial Services Committee
This week, MBA submitted a memorandum to the House Financial Services Committee, responding to a public request from Chairman Jeb Hensarling for ideas on addressing poverty and housing affordability. On the multifamily side, MBA argues that regulatory barriers must be reduced, and that HUD should take steps to expeditiously complete its multifamily transformation plan in order to support multifamily production volumes to a relevant and sustainable base.
For more information, contact Len Wolfson at lwolfson@mba.org or Eileen Grey at egrey@mba.org.
MBA Chart of the Week – Total Multifamily Mortgage Originations by Investor
Each fall, MBA combines data from its Annual Survey of Commercial/Multifamily Mortgage Origination with information from the Home Mortgage Disclosure Act (HMDA) to get the most comprehensive view available of the multifamily lending market. This year’s headline: In 2014, 2,876 lenders closed 40,974 multifamily mortgages for a total of $195 billion.
The multifamily lending market is extremely diverse, with the largest lender closing 5,768 loans for a total of $16.9 billion and the smallest lender closing one multifamily loan for less than $50,000.
To read more and to see the chart, please click here.
For more information, please contact Reggie Booker at rbooker@mba.org or Jamie Woodwell at jwoodwell@mba.org.
