CREF Policy Update: MBA Submits Comments on FHFA Proposed GSE Housing Goals and Strategic Plan
MBA Submits Comments on FHFA Proposed GSE Housing Goals and Strategic Plan
Last week, MBA submitted comments on both the Federal Housing Finance Agency’s (FHFA) proposed Enterprise Housing Goals for 2025–2027 and its proposed Strategic Plan for Fiscal Years 2026-2030. The housing goals help drive Fannie Mae and Freddie Mac’s (the GSEs) efforts to achieve their mission of supporting liquidity for affordable homeownership and rental housing. The Strategic Plan provides the public and interested stakeholders with a valuable opportunity to gain insight on the activities and priorities of FHFA in the coming years.
• MBA’s recommendations for the housing goals include promoting a balanced approach that sustains both affordable rental housing outcomes and market-rate liquidity.
• MBA highlighted areas of focus where MBA has been engaged and also stressed the need to ensure the plan considers the longer-term goal of ending the GSEs’ conservatorship.
Why it matters: The need for increased rental housing supply remains an issue in many parts of the nation. Although both of the GSEs have routinely exceeded affordable housing benchmarks, a strong market requires both affordable and market-rate production.
Go deeper: For the Strategic Plan, MBA urged FHFA to place greater emphasis on preparing for the eventual end of the GSEs’ conservatorship. This includes continuing to strengthen bank-like capital reserves under the Enterprise Regulatory Capital Framework (ERCF), which incentivizes the GSEs to distribute risk through mortgage insurance and robust credit risk transfer (CRT) programs, and ensuring that FHFA has the necessary regulatory authority to oversee the GSEs and establish clear market conduct standards.
What’s next: MBA will await the finalization of both the housing goals and the strategic plan and will continue to engage with FHFA on this and other critical housing issues.
For more information, please contact Megan Booth at (202) 557-2740 or Sasha Hewlett at (202) 557-2805.
HUD Extends Effective Date of Energy Efficiency Rule
Last Thursday, the Department of Housing and Urban Development (HUD) extended the effective date of the Adoption of Energy Efficiency Standards for New Construction of HUD- and USDA-Financed Housing for FHA Multifamily properties through May 28, 2026. The notice will allow HUD time to complete its review of comments received as of July 7, 2025, regarding reconsideration of the final determination leading to the energy efficient rule.
Why it matters: MBA had commented on the reconsideration, supporting the concern that the new rule “will have significant impacts on the availability and affordability of new housing.”
What’s next: MBA favors a new proposal that balances the needs of affordability with those that promote energy efficiency and sustainable housing across the nation.
For more information, please contact Megan Booth at (202) 557-2740.
Commercial/Multifamily Borrowing Increased 36% in the Third Quarter of 2025
Commercial and multifamily mortgage loan originations were 36% higher in the third quarter of 2025 compared to a year earlier, and increased 18% from the second quarter of 2025, according to MBA’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, released last Thursday.
What they are saying: “Commercial and multifamily borrowing has now increased for five straight quarters on both a quarterly and annual basis,” said Reggie Booker, MBA’s Associate Vice President of Commercial/Multifamily Research. “Lending activity increased last quarter across most major property types and capital sources, led by particularly strong growth in office, retail, and hotel properties. While some sectors, such as health care and industrial saw slower activity, overall volumes reflected improving sentiment as property values stabilized and loans reaching maturity were refinanced.”
Go deeper: On a quarterly basis, third quarter originations for retail properties increased 141% compared to the second quarter of 2025. There was a 76% increase in originations for hotel properties, a 67% increase for office properties, and a 12% increase for multifamily properties. Originations for health care properties decreased 6% and industrial properties decreased by 17% compared to second quarter of 2025.
• To view the report, click here.
For more information, please contact Reggie Booker at (202) 557-2863.
New York City Voters Approve Ballot Measures to Expand Housing
New York City voters approved four ballot proposals that could significantly improve the approval process to build new housing.
Why it matters: The proposals are designed to lower bureaucratic barriers, speed up housing approvals, and increase affordable housing supply while reducing the City Council’s role in final project approvals.
Dig deeper: The four approved ballots propositions:
• Proposal 2 aims to significantly speed up the approval process for affordable housing, especially in districts that have produced the least housing. It bypasses the traditional City Council review, allowing for decision-making by the Community Board, Board of Standards and Appeals, or the City Planning Commission, reducing approval times from seven months to as little as 90 days. The impact would likely be faster delivery of affordable units, with concerns about reduced local oversight.
• Proposal 3 will create a simplified approval pathway for smaller housing and infrastructure projects. Like Proposal 2, it shifts final approval from the City Council to the City Planning Commission, aiming to encourage more infill and moderate-sized housing developments by making the process less burdensome and faster.
•Proposal 4 will establish a special board to review and potentially override local opposition to affordable housing projects. The board would include the Mayor, Borough President, and Council Speaker. Its potential impact is limiting the ability of local opposition to stall or block new projects, especially those that address citywide housing needs.
While less directly related to construction, Proposal 5 will create a digital, publicly accessible zoning and land use map. Improved transparency and access to planning data should make it easier and faster for both city officials and developers to propose and review housing projects, reducing confusion and inefficiency in the approval process.
What’s next: MBA will continue to work with its state and local partners in New York as well as sister trade associations to engage and update members on the progress of these policies or efforts by new Mayor-elect Zohran Mamdani to act on his campaign promises to achieve a rent freeze on rent stabilized apartments in NYC.
For more information, please contact William Kooper (202) 557-2737 or Liz Facemire (202) 557-2870.
Recap of MAA’s Nov. 4 Webinar: 365 Days Until the Mid-Term Elections
MBA’s Legislative and Political Affairs Team hosted the Mortgage Action Alliance’s (MAA) Quarterly Webinar last week, which covered key policy priorities as well as an outlook for the 2026 midterm elections. During the webinar, the team also highlighted important dates and resources for statewide primaries and upcoming advocacy events. ICYMI, click HERE for a link to the recording.
Why it matters: With the midterm congressional elections roughly a year away, the industry must anticipate possible policy implications tied to a potential shift in congressional power. We encourage you to utilize MAA’s tools, including its Election Center – a one-stop shop for nonpartisan election-related information in your state or district, and resources to ensure you’re prepared to cast your vote.
What’s next: Register for part one of the MBA State and Federal Advocacy Webinar & Fly-In Series cohosted by the leadership of the Texas Mortgage Bankers Association. Hear first-hand insights on how state and national collaboration strengthens advocacy efforts that directly benefit the mortgage industry. Don’t forget to register for MBA’s National Advocacy Conference (NAC), MBA’s largest in-person advocacy event on April 14-15, 2026, designed to let MBA members share their policy concerns with elected officials and make a collective impact on behalf of our industry. Register NOW!
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:
• Private Credit Finance Council: Nov. 17 – Meet in-person @ the Summit
• Life Company Council: Nov. 18
• Servicer Council: Nov. 20
• Bank Council: Dec. 10
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, opportunities, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:
• Mastering Commercial/Multifamily Lender-Placed Insurance – Nov. 12
• Rethink Everything You Know About Networking: Part II – Nov. 13
• Exploring Data Centers – Nov. 18
• AI Speed Learning for the Mortgage Professional – Nov. 20
• Introduction to LIHTC for Mortgage Professionals – Dec. 10
• Commercial/Multifamily Capital Markets and Securitization – Dec. 16
• External CMF Benchmarking Requirements – Jan. 14
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.
