Mortgage Action Alliance ‘Call to Action’ Urges Sponsorship of Regulatory Relief Bill

The Mortgage Bankers Association’s grassroots advocacy arm, the Mortgage Action Alliance, issued a Call to Action yesterday, urging its members to ask their senators to co-sponsor MBA-supported broad regulatory relief legislation.

Senate Banking Committee Chairman Mike Crapo, R-Idaho, with support of a bipartisan group of senators, introduced S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act (https://www.congress.gov/bill/115th-congress/senate-bill/2155). The legislation includes several MBA priorities, such as SAFE Act Amendments to create a transitional authority to originate loans; consumer protections for Property Assessed Clean Lending (PACE) loans, relief from Home Mortgage Disclosure Act reporting requirements for some institutions; and important fixes to the TILA/RESPA Integrated Disclosure rule, known as TRID or “Know Before You Owe.”

The bill is co-sponsored by nine Republicans, nine Democrats and one Independent currently support this legislation, including many key members of the Senate Banking Committee. The bill is currently scheduled for a markup in the Banking Committee on Dec. 5.

“Advocacy from our industry has kept these priorities front and center all year, and we need your help to ensure this legislation has the support it needs for full Senate passage,” said MBA Senior Vice President for Legislative and Political Affairs Bill Killmer. “In order to convince Senate leaders to quickly advance this important proposal through the Senate Banking Committee and to the Senate floor, we must increase bipartisan support for the proposal.”

MAA asked its members to contact their senators to encourage them to co-sponsore S. 2155 at http://action.mba.org/mba/app/write-a-letter?0&engagementId=417794.

For more information about the Mortgage Action Alliance, click https://registration.mba.org/login/maasignup.aspx.