CREF Policy Update: MBA Again Leads Coalition Effort to Build Support for Trigger Leads Fix
MBA Again Leads Coalition Effort to Build Support for Trigger Leads Fix
Last week, MBA led a coalition of major industry trade groups and consumer advocates in sending a letter in support of the recently re-introduced (and slightly revised) version of the Homebuyers Privacy Protection Act (H.R. 2808 and S. 1467) to House Financial Services and Senate Banking Committee leaders – urging them to take swift committee action on the measure.
• The legislation has again been offered (and re-crafted) by Reps. John Rose (R-TN) and Ritchie Torres (D-NY) and Senators Bill Hagerty (R-TN) and Jack Reed (D-RI) – the same bipartisan/bicameral combination of champions who introduced companion legislation during the last Congress. A substantially similar bill passed the full Senate last year by Unanimous Consent.
Why it matters: Consumers remain vulnerable to trigger leads abuses – most prominently through receiving an excessive number of phone calls and/or texts after their credit is “pulled” as part of a real estate transaction. The reintroduction of the two bills reignites the debate to curb the abusive use of mortgage credit trigger leads, other than in appropriately limited circumstances (such as existing customer relationships).
What’s next: MBA will continue our efforts to work with a diverse set of coalition partners – and our congressional allies – to advance this needed legislative fix.
Go deeper: Take action through the Mortgage Action Alliance (MAA) channel and tell your elected officials to co-sponsor – and push for swift action on – H.R. 2808 and S. 1467!
For more information, please contact Madisyn Rhone at (202) 557-2741, Rachel Kelley at (202) 557- 2816, Ethan Saxon at (202) 557-2913 or George Rogers at (202) 557-2797.
HUD Publishes Multifamily High-Cost Factors
Last Monday, the Department of Housing and Urban Development (HUD) published the Annual Revisions to the Base City High-Cost Percentage and High-Cost Areas. This updates the Federal Housing Administration’s (FHA) maximum multifamily mortgage insurance loan limits and the base cost for substantial rehabilitation per unit. The large loan limit increased to $130 Million. The mortgagee letter is effective January 1, 2025, for firm commitment applications and amendments which have not been initially endorsed.
Why it matters: FHA loan limits remain constrained by the statutory limits, which have not been updated since 2003. The annual increase now allows the high-cost factors to apply to all FHA loans in all areas.
What’s next: MBA will continue to push Congress to update the statutory limits.
For more information, please contact Megan Booth at (202) 557-2740.
Attend MBA’s Commercial / Multifamily Finance Servicing & Technology Conference
MBA’s Commercial/Multifamily Finance Servicing and Technology Conference (CMST), taking place May 18-21, in Hollywood, Florida, is the most comprehensive and interactive event for servicers and technology professionals to gather and discuss relevant industry challenges and opportunities.
Why it matters: CMST is the opportunity to connect with your peers, meet with existing and potential business partners, hear from experts, and learn meaningful technology solutions that drive real impact. Attendees are also eligible to earn CPE credits and CCMS education points.
What’s next: There is still opportunity to register for the conference at www.mba.org/conferences.
For more information, please contact Megan Booth at (202) 557-2740.
Upcoming MBA Education Webinars on Critical Industry Issues
MBA Education continues to deliver timely commercial/multifamily and single-family programming that covers the spectrum of challenges, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:
• Basics of Commercial Loan Closing and Loan Documentation – May 1
• CMF Risk Management Series: Pre-Closing Risk Reduction Tactics – May 6
• Trends in Commercial Non-Bank Lending: Evolving Strategies & Creating Operational Advantages – May 7
• Mastering Commercial Insurance Modeling: Key Insights and Applications – May 27
• Introduction to Commercial Mortgage-Backed Securities – May 28
MBA members can register for any of the above events and view recent webinar recordings by clicking here.
For more information, please contact David Upbin at (202) 557-2931.
