CREF Policy Update: Latest on the GSEs and MBA’s Ongoing Engagement, Principles
Latest on the GSEs and MBA’s Ongoing Engagement, Principles
This month, The Wall Street Journal, and many outlets since then, have reported that the Trump administration is reviewing the feasibility of an initial public offering (IPO) of Fannie Mae and Freddie Mac (the GSEs) later this year.
Go deeper: Details remain sparse, and even Federal Housing Finance Agency (FHFA) Director Bill Pulte yesterday in a FOX Business TV interview said that a final decision on an IPO (and other moves) are up to President Donald Trump. He also said last week in an industry webinar that any action would be a “nonissue” in terms of market impact, indicated that the government would only sell a small portion of the GSEs, if at all, and said they would likely remain in conservatorship and that President Trump will “remain in control of the GSEs.”
Why it matters: These mixed messages clearly signal – consistent with what MBA has learned from recent meetings with Administration officials – that the development of a plan for re-privatizing or ending conservatorship has kicked off, but appears to be in the early stages.
• On rumors and speculation that the GSEs could be merged, MBA opposes this. As MBA Chief Economist Mike Fratantoni stressed, among other things, in a recent HousingWire interview, “Competition in the secondary market is really beneficial for the system as a whole.”
The bottom line: As plans continue and/or evolve, MBA will continue its ongoing engagement efforts with the Administration and Congress to ensure critical regulatory and market structure/market conduct issues are addressed, including
• Preserving competition between at least two GSEs;
• Ensuring FHFA has an obligation to maintain a level playing field with respect to pricing, pilots, product, and underwriting variances;
• Preserving a bright line to ensure the GSEs do not compete with the primary market; and,
• Establishing a well-defined, paid-for federal backstop against the GSEs’ MBS, that could be tapped only after all private capital (mortgage insurance, credit risk transfers, and GSE capital) is exhausted.
For more information, please contact Sasha Hewlett at (202) 557-2805 and Megan Booth at 202-557-2740.
MBA Letter Supports Rescission of 2023 CRA Rule
Last Monday, MBA submitted a comment letter in response to the Federal Reserve’s, Office of the Comptroller of the Currency’s (OCC), and the Federal Deposit Insurance Corporation’s (FDIC) joint Notice of Proposed Rulemaking (NPR) to rescind the 2023 Community Reinvestment Act final rule.
Go deeper: MBA’s letter highlights its agreement with the Agencies’ proposal to rescind the 2023 final rule.
• MBA reiterated its support for requiring the Agencies to periodically publish an illustrative list of CRA-qualifying Community Development activities and provide a process for banks to obtain pre-approval for Community Development activities that are not on the list.
• MBA also asked the Agencies for proposed clarifications to include language that purchased loans are treated similarly as originated loans and that small balance loans are granted CRA credit.
Why it matters: MBA supports the Agencies’ goals of providing certainty around the CRA framework and limiting regulatory burden on banks. CREF-related lending and investing plays a role in CRA compliance. MBA will continue to work to ensure its members receive CRA credit for qualifying activities related to community development activities and affordable housing development.
What’s next: MBA will continue to engage the Agencies on simplifying CRA examinations while ensuring that the standards applied to these examinations are objective and consistent across the entire process.
For more information, please contact Fran Mordi at (202) 557-2860 and John Lammle at (202) 557-2789.
MISMO Seeks Input to Standardize Commercial eNote Language
MISMO is calling on industry professionals to join a new Commercial eNotes Development Workgroup (DWG), which will lead the creation of a standardized glossary of terms used in digital mortgage origination for commercial, multifamily, home equity line of credit (HELOC), and agricultural loans.
Why it matters: Establishing a common language for digital mortgage terms is a critical step toward industry-wide standardization. It will improve communication between lenders, technology providers, investors, and other key stakeholders by ensuring everyone is speaking the same language.
Go deeper: During the coming months, participants can expect initial drafts of the terminology glossary to begin circulating for review and comment. MISMO aims to finalize and promote the glossary in 2026, setting the stage for broader industry adoption and improved consistency in the use of digital eNotes across commercial and multifamily lending.
What’s next: The next meeting of the Commercial eNotes Development Workgroup will take place on Thursday, Sept. 12 at 3 p.m. ET. Current MISMO members can join via MISMO Connect, and non-members must email info@mismo.org to participate.
To learn more or support MISMO’s innovation work, visit MISMO.org.
Highlights from MBA’s CMF Structured Finance Council Meeting
On Tuesday, Aug. 12 the MBA Structured Finance Council met virtually to explore opportunities and address current challenges within today’s structured finance landscape, including CMBS, SASB, CRE CLOs, and other securitized products. This open discussion led by leadership and guest speakers highlighted evolving regulations, ratings, and economic stressors.
Guest speakers included Quentin Fogan, Managing Director of CMBS Origination at Bank of America, and Britt Johnson, Head of CMBS Surveillance at Fitch Ratings.
Why it matters: MBA’s Structured Finance Council provides an opportunity to hear from industry experts, learn valuable industry insights, engage with the MBA community, and network with peers.
What’s next: Visit the Councils & Committees page to learn more and get involved.
For more information, please contact Tonya Wright at (202) 557-2846.
MBA’s Commercial Council to Host Next Meeting on Sept. 4
MBA’s Commercial Council will host its next meeting on Thursday, Sept. 4, at 3:00 p.m. ET.
• The virtual meeting will highlight both emerging and re-emerging asset classes and feature two mini-panel discussions: one on emerging sectors such as data centers and storage facilities, and another on the shifts in office, multifamily, and retail.
• There will also be a market outlook session led by MBA’s research team, covering current market conditions, sector trends, and performance across capital markets.
Why it matters: MBA’s Commercial Council brings together professionals across the capital markets, creating a valuable forum to learn, share insights, and stay connected to emerging themes.
What’s next: Visit the Councils & Committees page to learn more and get involved.
For more information, please contact Tonya Wright (202) 557-2846
Register for MAA’s Next Quarterly Webinar: Sept. 10
On Sept. 10, join MBA’s Legislative and Political Affairs Team for the next Mortgage Action Alliance (MAA) Quarterly Webinar, which will discuss the remaining agenda for Congress in 2025 and beyond.
• Both chambers of Congress, set to return from their three-week August recess, will have a busy September, with various policy issues and budget matters on the agenda, including funding the government beyond September 30th. Register now for this can’t-miss virtual event!
Why it matters: MAA’s Quarterly Webinar Series provides valuable insights into the legislative process, policy landscape, and addressing key issues impacting the real estate finance industry, allowing MBA and MAA members to effectively engage in advocacy year-round.
What’s next: Register to attend MBA’s National Advocacy Conference (NAC), taking place April 14-15, 2026, at The Westin DC Downtown. Join hundreds of industry advocates to meet with and educate policymakers on issues impacting your businesses and customers. It’s never too early to make your plans!
• Register by March 2, 2026, to receive the early bird rate. MBA offers special rates for members of MBA’s young professionals’ network (mPact), the Certified Mortgage Banker (CMB) Society, and group rates for MBA member companies as well.
For more information, please contact maa@mba.org or Margie Ehrhardt at (202) 557-2708.
Upcoming MBA CREF Councils and Committee Meetings
MBA’s CREF Councils and Committees are a key way to connect to everything MBA has to offer around policy, advocacy, market intelligence and research, education, and networking. Councils and Committees are built around specific capital sources and serve as an opportunity for you to join other commercial real estate finance professionals to hear from experts, discuss opportunities and challenges, and connect with peers.
Upcoming virtual meetings include:
• FHA Committee: Sept. 9
• Life Company Council: Sept. 16
• Servicer Council: Sept. 18
• Bank Council: Sept. 24
• Structured Finance Council: Nov. 5
For more information, click on the links above and/or contact Kelli Burke at (202) 557- 2742.
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:
• Trends in Commercial Non-Bank Lending: Evolving Strategies & Creating Operational Advantages – Sept. 9
• Multifamily Lending for Shared Equity Homeownership: How Companies Can Expand Their Community Impact – Sept. 10
•Leveraging Inspection Networks: Ensuring Compliance Across Large, Geographically Disparate Portfolios – Sept. 17
• Fundamentals of Commercial Insurance Issues and Problems – Sept. 18
• Managing the Property Tax Burden for CRE Loans – Sept. 23
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.
