MBA Advocacy Update: Jeff Weidell, CMB, Nominated to Be 2027 MBA Vice Chairman; CFPB Director Nomination; MBA and MISMO Initiatives on AI

Jeff Weidell, CMB, of Northmarq Nominated to Be 2027 MBA Vice Chairman

MBA on Wednesday announced that Jeff Weidell, CMB, CEO of Northmarq, has been nominated to serve as MBA’s Vice Chairman for the 2027 membership year.

• Weidell currently serves on MBA’s Board of Directors and is the 2025-2026 MORPAC Commercial/Multifamily Vice Chair, leading MBA’s political action committee outreach to its commercial/multifamily membership and pursuing new opportunities for MBA’s newest political giving program, MORPAC Direct, including efforts to recruit new major donors. Weidell was honored with the 2025 Schumacher-Bolduc Award, presented by MORPAC, in recognition of his outstanding leadership and dedication to advancing the industry’s advocacy initiatives.
• He previously served as 2024 Chair of MBA’s Commercial/Multifamily Board of Governors (COMBOG), where he consistently and successfully advocated for the association’s top regulatory and legislative priorities, including testifying as an industry witness on MBA’s behalf in May 2024 before the House Committee on Oversight and Accountability’s Subcommittee on Health Care and Financial Services. Weidell has also led advocacy outreach for MBA-sponsored conferences, including the tailored “CREF track” at the MBA’s National Advocacy Conference (NAC), the Commercial/Multifamily Finance Convention and Expo, and the Chairman’s Conference.
• Weidell assumed the role of Northmarq CEO in 2020 after serving as President for eight years. Earlier in his career, Weidell was a successful mortgage banker, beginning at Trowbridge, Kieselhorst & Company, where he became Managing Director of the San Francisco office. He earned a B.A. in Economics from Columbia University and an M.B.A. from the Stanford Graduate School of Business and also holds the prestigious Certified Mortgage Banker (CMB) designation.

What they’re saying: “Jeff Weidell’s executive leadership in both residential and commercial real estate finance, his strong record of industry advocacy, and his longstanding commitment to MBA and its members make him an outstanding choice to join MBA’s leadership ladder,” said Christine Chandler, 2026 MBA Chair and Executive Vice President, Chief Operating Officer, M&T Realty Capital Corporation. “Throughout his career, Jeff has demonstrated an ability to lead through changing market conditions, drive innovation, and deliver results. MBA and its members will benefit greatly from his collaborative approach, strategic vision, and commitment to advancing opportunities for real estate finance professionals, property owners, renters, and the communities we serve.”

What’s next: Weidell will be installed as Vice Chairman at MBA’s 113th Annual Convention and Expo in Chicago this October. Per MBA’s bylaws, after serving a year as Vice Chairman, Weidell is expected to be Chairman-Elect in the 2028 membership year, before ascending to be the Association’s Chairman in 2029.

Brian Johnson Nominated to Lead CFPB

On Wednesday, President Donald Trump nominated Brian Johnson to serve as Director of the Consumer Financial Protection Bureau (CFPB). Johnson, currently a senior executive at Capital One, previously served as CFPB Deputy Director during President Trump’s first term.

• Johnson also brings experience from across the government and the private sector, including serving as policy director and chief financial institutions counsel for the House Financial Services Committee, and advising financial institutions on consumer finance regulatory matters in private practice.

Why it matters: Johnson’s nomination signals the Administration’s continued focus on regulatory reform and reducing compliance burdens across the financial services sector, including mortgage lending. If confirmed, he would oversee the Bureau’s rulemaking, supervision, and enforcement activities, including those related to the President’s wide-ranging March 13 Executive Order (EO) “Promoting Access to Mortgage Credit.”

Go deeper: Read MBA’s recent joint letter to the Bureau on targeted regulatory reforms to implement the EO.  

What they’re saying: In a press statement, MBA President and CEO Bob Broeksmit, CMB, said, “The CFPB is an important partner to our industry, and we will continue to work together to advance reforms that lower costs, reduce unnecessary regulatory burdens, and improve access to sustainable homeownership opportunities.”

What’s next: Johnson’s nomination now goes to the Senate for consideration. A confirmation hearing is expected later this summer before the Senate votes on his nomination.

For more information, please contact George Rogers at (202) 557-2797, Jeremy Green at (202) 557-2849, or Brendan Kelleher at (202) 557-2779.

Recapping Successful MBA Chairman’s Conference in Maine

MBA last week held its annual Chairman’s Conference at Cliff House in Cape Neddick, Maine. The sold-out event brought together senior leaders from across the residential and commercial/multifamily mortgage sectors for timely discussions and networking. The meeting included a series of discussions highlighting the latest on the market outlook, artificial intelligence, executive perspectives, and the changing shape of the industry.

• MBA’s Residential Board of Directors (RESBOG), Commercial Board of Governors (COMBOG), and full Board of Directors all met. Separately, a successful reception for MBA’s MORPAC, and a wine auction for the Opens Doors Foundation, were also signature highlights of the gathering.
• 2026 MBA Chair Christine Chandler kicked off the conference, highlighting her key priorities such as the importance of MBA’s ongoing advocacy work and lifting the next generation of leaders. Speaking about the conference location, she shared, “I chose Maine for its picturesque and rugged coastline. It’s the perfect backdrop for this select group of leaders from across our industry to come together for common purpose.”
• In summarizing MBA’s advocacy around issues such as the latest on the 21st Century ROAD to Housing Act and the Basel III bank capital re-proposal, MBA CEO Bob Broeksmit, CMB, noted, “In summary, we are making inroads across the regulatory and legislative landscapes, and the coming months are crucial, so your leadership and engagement will be extremely important.”

Go deeper: Members used Sunday’s RESBOG meeting to assess MBA’s advocacy priorities and help shape the agenda for the remainder of 2026 and beyond. The discussion focused on key issues including loan officer compensation, credit score and reporting modernization, artificial intelligence, and housing affordability, while also identifying emerging issues that may require greater industry attention. Members also reviewed MBA’s AI white paper (see more below) examining the legal, regulatory, and compliance implications of AI adoption in mortgage lending. The conversation came as the industry looked ahead to potential housing legislation, bank capital reforms, and a shifting political landscape.

• MBA SVP and Chief Economist Mike Fratantoni and former MBA Chair Susan Stewart, CEO of SWBC Mortgage Corporation, dug into current market conditions – including the current “K-shaped economy” and outlook for the residential housing finance market.
• Former Head of Go-To-Market at OpenAI Zack Kass provided a fascinating keynote address – which was comforting at some points and challenging at others – on the societal implications of the growth of AI. Quentin Fogan (Managing Director, Head of CMBS Origination, Bank of America) and Gene Lugat (Executive Vice President, PrimeLending) shared perspectives on how the trends behind today’s headlines are shaping the real estate finance business, with areas of similarity and difference between the residential and commercial markets.

For more information, please contact Brendan Kelleher at (202) 557-2779.

MBA Publishes AI White Paper: “Examining AI-Powered Mortgages Through the Lens of Federal Law”; MISMO Launches the MISMO Framework for Responsible AI in the Mortgage Ecosystem (FRAME)

On Wednesday, MBA published a new white paper examining how existing federal laws and regulations apply to the use of artificial intelligence in mortgage lending. Prepared by MBA’s outside counsel, Orrick, and developed with direct input from RESBOG members, the white paper provides a roadmap on legal and compliance considerations when using AI in mortgage lending and servicing. Topics explore the role of mortgage loan officers and best practices in risk governance.

Why it matters: The integration of AI into mortgage lending and servicing raises several legal and regulatory questions regarding expectations for human involvement with AI models and risk management. The white paper addresses those issues and provides actionable guidance for mortgage companies on adopting AI with the appropriate oversight and human support. The white paper serves as an educational resource to help members understand how existing federal law applies to AI in the mortgage process. It does not constitute legal advice.

• The white paper also complements MISMO’s Framework for Responsible AI in Mortgage Ecosystems (FRAME) – released Thursday (see below) – which provides a model for risk governance to assist organizations in deploying AI in the mortgage process and complying with the AI standards announced by Fannie Mae and Freddie Mac.

Go deeper: The paper emphasizes a “human-in-the-loop” approach, in which mortgage lenders remain responsible for lending decisions while AI supports an efficient process. Among the paper’s conclusions:

• While the SAFE Act does not require AI tools to have their own MLO license to engage in loan origination activities, a human MLO should still be assigned to each mortgage loan transaction, and their NMLS ID must be disclosed on the credit applications and other disclosures to the consumer.
• While Regulation Z does not directly address the level of human involvement on a transaction, lenders should continue to be aware that general consumer protection statutes at federal and state levels prohibit misrepresentations in consumer lending transactions.
• A governance framework should consider risks related to fair lending and bias, explain-ability, steering, data privacy and security, and third-party and vendor management to support AI adoption.

What’s next: MBA will continue to communicate developments to members. As AI is an evolving space, MBA welcomes additional feedback on regulatory clarity most helpful to mortgage lenders and servicers. MBA will promote alignment and flexibility to ensure that state frameworks do not impede AI adoption.

For more information, contact Brendan Kelleher at (202) 557-2779, Rick Hill at (202) 557-2718, Liz Facemire at (202) 557-2870, or Gabriel Acosta at (202) 557- 2811.

As noted above, MISMO last week announced the launch of the MISMO Framework for Responsible AI in the Mortgage Ecosystem (FRAME), an AI governance toolkit designed to help mortgage companies of all sizes establish policies, procedures, controls, and oversight for the responsible use of artificial intelligence.

Why it matters: As AI becomes increasingly embedded throughout mortgage operations, companies face growing pressure to establish governance structures capable of managing AI-related risks while supporting innovation. FRAME was developed to help organizations meet that challenge.

What’s next: FRAME is now available to MISMO member companies through MISMO Connect. To help organizations explore the framework in greater depth, MISMO will host a four-hour interactive workshop at the MISMO Fall Summit, August 24-27, in Reston, Virginia.

For more information, please contact Brian Vieaux at (202) 557-2808.

CFPB Releases Guidance Addressing Immigration Status and the Ability to Repay 

On Monday, the CFPB issued a statement reminding mortgage lenders of their obligation to assess repayment ability and explaining how to consider an applicant’s immigration status under the Ability to Repay Rule (ATR). Specifically, the Bureau reminds creditors that, when determining repayment ability, they may, under certain facts and circumstances, be obligated to consider information that bears on the consumer’s underlying and continuing ability to earn income when residency in the United States is a necessary component of such employment.

Why it matters: Under Regulation B, creditors may take an applicant’s immigration status into account when ascertaining the applicant’s ability to repay. As a matter of “sound compliance practice,” lenders should treat a borrower’s immigration status as a factor that could signal a “reasonably expected change in future income.” Additionally, the Bureau states that “failure to account for such a reasonably expected change in income may not comply with a creditor’s obligation to reasonably assess a borrower’s ability to repay.”

Go deeper: This is particularly the case when application materials or available information suggest the borrower may lack lawful presence or work authorization. The statement notes that indications of lawful presence may come through “direct inquiry or the consumer’s reliance on atypical identification methods, such as an Individual Taxpayer Identification Number (ITIN), typically issued to taxpayers to individuals who lack proof of legal residency.”

• However, the Bureau also notes that there are a wide variety of lawful immigration statuses and that it, “cannot be assumed that consumers with different lawful statuses have identical abilities to repay.”

What’s next: MBA is evaluating the statement’s compliance implications and may, after consultation with members, provide further guidance. 

For more information, please contact Justin Wiseman at (202) 557- 2854 or Alisha Sears at (202) 557-2390.

Coordinated Advocacy Helps Lead to the Defeat of Key Industry Opposed Bills in New York

The New York State Senate and Assembly recently adjourned for the year after a two-month delay in adopting the 2026–27 state budget compressed consideration of hundreds of bills into a single hectic week before the end of the legislative session.

Go deeper: While MBA and the New York MBA had been focusing on multiple problematic bills throughout the 2026 session, two flawed bills remained among the most concerning in these final hours – one (A7546/S6971) presented as placing limitations on foreclosure and debt collection related to so-called “zombie” or “silent” subordinate liens, and another (A8884-A/S1169-A ) to regulate the use of artificial intelligence systems.

• Defeating both bills was a priority of the associations and were the subject of NYMBA Advocacy Day meetings in the Legislature and with Governor Kathy Hochul’s office.

Why it matters: The subordinate lien bill included language which would have effectively applied recordkeeping requirements retroactively and lacked necessary limitations that ultimately could have applied the bill’s provisions to all home mortgages in New York and severely limit the ability of lenders to originate subordinate lien loans.

The language in the AI bill presented a pair of vexing issues:

• First, it would have allowed borrowers to opt-out of the use of AI, which would have negated the ability to use credit scoring models and automated underwriting systems. This action by a borrower would have meant that once they opted-out they could no longer qualify for FHA products. (FHA only allows a manual underwrite if the consumer has NO credit score). Second, if enacted, the bill would have penalized lenders for failing to close loans within 45 days, with or without the use of technology.

What’s next: Both MBA and the NYMBA will continue to oppose these bills if reintroduced in the 2027 NY Legislative Session starting in January 2027.

For more information, please contact William Kooper (202) 557-2737 or Liz Facemire (202) 557-2870.

MBA Responds to FEMA Review Council Final Report

On Monday, MBA submitted a comment letter in response to FEMA’s Review Council Final Report, supporting efforts to improve disaster response while raising significant concerns with recommendations that could disrupt borrower protections and housing finance markets.

Why it matters: MBA cautioned that devolving disaster response and flood insurance frameworks to individual states could complicate mortgage servicing operations, disrupt secondary market confidence, and weaken the uniform standards relied upon by lenders and regulators.

• The report’s proposal to tighten federal disaster declaration criteria could limit access to critical assistance programs (e.g., Individual Assistance), particularly for mid-scale disasters, and create gaps in borrower protections.
• Reduced federal involvement could shift costs to borrowers, lenders, servicers, and federal housing programs, while increasing operational complexity and regional inconsistencies.
• A more decentralized, state-led disaster response model may introduce uneven outcomes due to varying state capacity and increase administrative costs and inefficiencies.
• Recommended changes to the National Flood Insurance Program (NFIP)—including greater reliance on private markets and localized decision-making—could undermine the mandatory purchase requirement and create inconsistencies in flood mapping and compliance standards.

MBA also outlined a set of targeted reforms to strengthen the NFIP, including long-term reauthorization, improved recognition of private flood insurance, modernization of coverage limits, and removal of commercial mandatory purchase requirements to better align with market realities.

What’s next: MBA will continue to engage with FEMA and policymakers to advocate for a balanced approach that preserves a strong federal role, maintains national consistency, and promotes long-term stability for borrowers, housing providers, and the real estate finance system.

For more information, please contact Sara Singhas at (202) 557-2826.

Upcoming MBA Education Webinars on Critical Industry Issues

MBA Education continues to deliver timely 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:

• What Happens After a Reverse Mortgage Closes? – June 26

• Rethinking Income Strategies for Self-Employed Borrowers – July 8

• Analyzing the 2025 Mortgage Market: A Deep Dive into New HMDA Data – July 22

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.