CREF Policy Update: Senate Holds Hearing on Financial Services and Rental Housing Fees; Commercial/Multifamily Borrowing Unchanged in First Quarter

Senate Banking Committee Holds Hearing on Financial Services and Rental Housing Fees

Last week, the Senate Banking Committee held a hearing titled, “Consumer Protection: Examining Fees in Financial Services and Rental Housing.”

This lightly-attended hearing was largely focused on so-called “junk fees” in the form of credit card “late” fees and checking account overdraft fees. The Consumer Financial Protection Bureau’s (CFPB) enforcement actions were another primary hearing topic along with discussions about the range of fees that multifamily tenants may face (in addition to their rent).  

A full summary of the hearing may be found here.

Why it matters: The CFPB has criticized rental application and payment fees, mortgage closing costs, discount points, title insurance, and other regulated fees and costs as being designed to prey upon consumers and maximize company profits.

What’s next: MBA will continue to educate both regulators and lawmakers that products or services required by one specific government agency – and/or disclosed pursuant to law – should not be called into question by the CFPB.  

For more information, please contact Ethan Saxon at (202) 557-2913 or George Rogers at (202) 557-2797.

MBA Joins Coalition Applauding Launch of Bipartisan Congressional Real Estate Caucus

Last week, MBA joined nearly a dozen other groups thanking U.S. Reps. Mark Alford (R-MO), Lou Correa (D-CA), Tracey Mann (R-KS), and Brittany Pettersen (D-CO) for launching the Bipartisan Congressional Real Estate Caucus. 

In the joint statement from the trade groups applauding the announcement, MBA specifically thanked the four House Members for “stepping up to lead the group” and helping “more Americans achieve their dream of housing choice – be that sustainable homeownership or affordable rental opportunities.”  

Why it matters: Due to the lack of adequate housing supply, there is an eagerness for housing development in specific markets across the country.  The Real Estate Caucus’s efforts will attempt to draw congressional attention to policies that support and promote the growth of the real estate industry.  

What’s next: MBA will continue to advocate for the enactment of policies that address housing affordability challenges and encourage sustainable real estate development.  

For more information, please contact Bill Killmer at (202) 557-2736.

Commercial/Multifamily Borrowing Unchanged in the First Quarter

Commercial and multifamily mortgage loan originations were essentially unchanged in the first quarter of 2024 compared to a year ago, and decreased 23 percent from the fourth quarter of 2023, according to MBA’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, released Thursday.  

Jamie Woodwell, MBA’s Head of Commercial Real Estate Research, said, “With loan maturities and other triggers increasingly likely to prompt action, property owners, potential owners, lenders, and others are all working through the specifics of each individual property to identify the level of mortgage debt that property can support. New loan originations should follow as this continues.”

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

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:

Fundamentals of Secondary Marketing: Broad Concepts Every Mortgage Professional Should Know – May 15

Introduction to Commercial Mortgage-Backed Securities – May 23

Culturally Competent Marketing and Messaging for Hispanic Homebuyers and Homeowners – May 30

Bank-Owned Mortgage Divisions: What Bankers Need to Know to Manage Mortgage Banking – June 11

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.