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MBA Advocacy Update May 22, 2023
Last week, MBA filed a joint amicus brief with the Supreme Court in Community Financial Services Association v. Consumer Financial Protection Bureau, where CFSA is challenging the constitutionality of the Bureau’s funding structure.
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Senators Introduce MBA-supported Bill to Reform Davis-Bacon Rules
Sens. John Thune, R-S.D., and Jerry Moran, R-Kan., on Friday reintroduced the Housing Supply Expansion Act, legislation that would address the affordable housing shortage by making targeted reforms to Davis-Bacon Act requirements.
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Apartment Asking Rents Climbing at Slightly Subdued Pace
Zillow, Seattle, reported apartment asking rents climbed by 0.6%, or $12, from March to April, bringing the Zillow Observed Rent Index to $2,018.
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MBA Chart of the Week May 19, 2023: % of IMBs with Pre-Tax Net Income
Today's Chart of the Week compares the percentage of companies in the QPR that reported positive pre-tax net income including all lines of business (e.g. production and servicing operations), versus the percentage of companies that reported positive pre-tax net income, once servicing operations are excluded.
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MBA: IMBs Report Pre-Tax Net Production Losses in 1Q
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $1,972 on each loan they originated in the first quarter, an improvement from the reported loss of $2,812 per loan in the fourth quarter, the Mortgage Bankers Association reported Thursday.
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MISMO Seeks Public Comment on Enhanced Closing Instruction Templates and XML Mapping Specification
MISMO®, the real estate finance industry standards organization, seeks public comment on a new set of enhanced work products created by the Closing Instructions Development Workgroup, designed to create a common format for closing instructions.