CREF Policy Update: Trump Administration Publishes Spring 2025 Regulatory Agenda
Trump Administration Publishes Spring 2025 Regulatory Agenda
Last week, the Trump administration republished the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions, outlining the regulatory actions federal administrative agencies plan to issue over the next six months.
• The rules and proposals published by federal agencies can have significant impacts on lenders and borrowers. The full lists for the Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) are now live after being taken down a few weeks ago.
Why it matters: In addition to current rulemakings of note, activity in the Spring 2025 agenda includes:
• Changes to 1071 small business reporting under the CFPB;
• Updates to HUD 232 healthcare properties to provide more flexibility;
• Rescission of HUD’s Federal Flood Risk Management Standard (FFRMS);
• Changes to the FFB Risk-share program to provide greater oversight, and align it with MAP lender requirements; and,
• Changes to HUD’s Disparate Impact Standards to align with the Supreme Court from 2015.
What’s next: MBA will work with members to monitor and respond to proposals put forth by government agencies that impact residential, multifamily, and commercial lending activities.
For more information, please contact Megan Booth at 202-557-2740.
Senate Banking Committee Holds Federal Reserve and HUD Nominations Hearing
Last Thursday, the Senate Banking Committee held a hearing to consider the nominations of Ben Hobbs and Ronnie Kurtz to be HUD Assistant Secretaries; Dr. Stephen Miran, to be a Member, Board of Governors of the Federal Reserve System; and Christopher Pilkerton and Jonathan Burke to be Assistant Secretaries at the Treasury Department.
• A summary of the hearing can be found here.
Why it matters: The hearing featured significant partisan debate over President Trump’s economic policies and the independence of the Federal Reserve. Senators also gave intense scrutiny to Dr. Miran’s remark that he would take a leave of absence, rather than resign from the President’s Council of Economic Advisers, if confirmed by the Senate.
What’s next: The Committee is expected to hold an executive committee meeting to vote on the nominations next week.
For more information, please contact Ethan Saxon at (202) 557-2913 or George Rogers at (202) 557-2797.
Multifamily Lending Increased 17% to $289 Billion in 2024
In 2024, 2,463 different multifamily lenders originated a total of $288.7 billion in new mortgages for multifamily properties with five or more units, according to MBA’s annual report of the multifamily lending market, released yesterday.
What they are saying: “Following 2023’s low-volume year, multifamily lending picked up in 2024, with activity increasing across lenders of all sizes and capital sources,” said Reggie Booker, MBA’s Associate Vice President of Commercial Real Estate Research. “While the multifamily market is served by some of the largest institutions in the country, it remains broad and diverse, with more than half of lenders active in the space making only a handful of loans in a year.”
Go deeper: Last year’s $288.7 billion in multifamily lending volume represents a 17% increase from 2023 levels. Fifty-three percent of the active lenders made five or fewer multifamily loans over the course of the year. The $288.7 billion of multifamily mortgages originated in 2024 went to a variety of investors. By dollar volume, the greatest share (41% of the total) went to government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
For more information on this report, click here or contact Reggie Booker at (202) 557-2863.
#MBACREF26 Registration Is Now Open!
Registration is now open for MBA’s Commercial/Multifamily Finance Convention and Expo 2026 (#MBACREF26) in San Diego on Feb. 8-11!
• The slew of informative and timely sessions includes the Honorable Kevin Warsh, the esteemed economist and former Federal Reserve Board Governor, who will share his insights on the market.
Why it matters: #MBACREF26 is the premier gathering for CRE finance professionals, where industry leaders meet to gain market intelligence and explore solutions to navigate shifting economic conditions, interest rates, and capital sources.
What’s next: Register now for the best price and hotel availability. Group rates, Sponsorship and Exhibit opportunities are available.
For more information, visit mba.org/cref.
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:
• 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:
• 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.
