CREF Policy Update: MBA Urges HUD to Fix NSPIRE


Last Monday, MBA sent a letter to the Department of Housing and Urban Development (HUD) urging it to repair the new physical inspection protocol (NSPIRE) and to ensure that servicers are not held liable for their inability to access the system.

• HUD’s NSPIRE system, launched last fall, is intended to be used in conjunction with servicing to ensure Federal Housing Administration-insured (FHA) multifamily properties are in good condition. However, hiccups in the software have led to challenges in scheduling and conducting inspections and reviewing inspection reports.

Why it matters: Servicers should not be held responsible for failure to conduct inspections or respond to inspection findings when they are unable to access the system.

What’s next: MBA will continue advocating for upgrades to the NSPIRE system to allow full access by servicers.

For more information, please contact Megan Booth at (202) 557-2740.

HUD Clarifies Dates for Flood Rule Compliance

On Friday, HUD published an Administrative Memo outlining the compliance dates for the Federal Flood Risk Management Standard (FFRMS) rule.

• The FFRMS rule was first published in April 2024, and the updated guidance provides a compliance plan that sets a date of Sept. 1, 2024, for application submission to ensure all required environmental reviews are completed before the Jan. 1, 2025, effective date of the rule.

Why it matters: The new FFRMS rule greatly expands the covered floodplain area and requires elevations for properties within the floodplain. These changes could significantly impact the design and costs of new or substantially-renovated multifamily housing.

What’s next: MBA continues to work with HUD to try and minimize the impact of these new requirements and ensure the continued production of multifamily properties.

For more information, please contact Megan Booth at (202) 557-2740.

FHFA Issues 2023 Report to Congress

Recently, the Federal Housing Finance Agency (FHFA) released its 2023 Report to Congress, a report required by statute that provides information on the annual activities of Fannie Mae and Freddie Mac (the GSEs) and the Federal Home Loan Banks (FHLBs). The report includes details on the financial condition of each of the GSEs and FHLBs as well as reporting on mission-related activities that help support affordable housing.  

Go deeper: The report noted that the GSEs helped more than 400,000 renters establish or improve their credit scores through their rental payment reporting programs and that each GSE exceeded its 2023 mission-driven multifamily loan purchase requirements. The GSEs also financed approximately 549,000 goal-eligible rental units for low-income renters and approximately 149,000 goal-eligible units for very low-income renters.

FHFA also recommended several legislative actions concerning the FHLBs, including increasing the statutorily required minimum funding contribution for affordable housing.

What’s next: MBA will continue to monitor reports from FHFA and communicate all relevant information to members.

For more information, please contact Stephanie Milner at (202) 557-2747.

MBA CREF Future Leaders Receive Bipartisan Senate Briefing

The current cohort of MBA CREF Future Leader program candidates received a crash course in direct industry advocacy during their visit to Capitol Hill on Thursday.

• In addition to a tour of the Capitol facilities, CREF professionals heard directly from Senator Jacky Rosen (D-NV) and a key staffer from the office of Senator Pete Ricketts (R-NE) on a mix of commercial/multifamily issues.

Go deeper: The CREF Future Leaders group members, under the direction of past MBA Chair Rodrigo Lopez, were able to engage directly with key Senate players and asked specific questions related to their individual firms’ business operations – and their professional development.

The current group is comprised of 39 CREF professionals from more than 20 member organizations representing all facets of the commercial real estate industry.

What’s next: The CREF Future Leaders group will hold the advocacy portion of its training during MBA’s annual National Advocacy Conference – to be held April 8-9, 2025, in Washington, D.C. Applications for the 2025 Future Leaders program will open later this summer.

For more informationplease contact Ethan Saxon at (202) 557-2913, George Rogers at (202) 557-2797, David Upbin at (202) 557-2931 or Shawn McGory (202) 557-2927.

Commercial and Multifamily Mortgage Debt Outstanding Increased in First-Quarter 2024

The level of commercial/multifamily mortgage debt outstanding increased by $40.1 billion (0.9%) in the first quarter of 2024, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report, released Tuesday.

Go deeper: Total commercial/multifamily mortgage debt outstanding rose to $4.70 trillion at the end of the first quarter. Multifamily mortgage debt alone increased $23.7 billion (1.1%) to $2.10 trillion from the fourth quarter of 2023.

For more information, please contact Jamie Woodwell at (202) 557-2936.

mPower Moments: On the Power of Collaboration with HomeFree-USA’s Marcia Griffin

mPower Founder Marcia M. Davies sat down with Marcia Griffin, CEO and Founder of HomeFree USA, for an inspiring conversation on her career journey and her motivation to create HomeFree USA, an organization dedicated to closing the racial homeownership gap.

Go deeper: Griffin discussed the importance of collaboration and how strategic partnerships can benefit all facets of the real estate finance industry to serve aspiring homebuyers. She also provided helpful advice on how the industry can recruit diverse talent and how the industry can uplift young professionals through mentorship, encouragement, and guidance.

To watch more mPower Moments, click here.

For more information, please contact Marcia Davies at (202) 557-2707.

Upcoming MBA Education Webinars on Critical Industry Issues

MBA Education continues to deliver timely single-family and commercial/multifamily programming that covers the spectrum of challenges, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – which are complimentary to MBA members:

Loan Servicing Transfers that Deliver Results – July 11
Adding Reverse Mortgages to Your Business Line: The Roadmap – July 23
What Value Will AI Bring to the Mortgage Industry? – August 13
Benchmarking & Performance Ratios Mortgage Bankers Must Know – August 20

MBA members can register for any of the above events and view recent webinar recordings by clicking here.  

For any questions, please contacDavid Upbin at (202) 557-2931.