Advocacy Update: Participate in MAA Call to Action Ahead of Today’s Trigger Leads Vote; Senate Budget/Reconciliation Tax Update; MBA Sends Letters to CFPB, HUD
MBA-Supported Trigger Leads Bill Set for Full House Vote on Monday; Participate in MAA Call to Action Today!
On Monday, the full U.S. House of Representatives is expected to vote on a slightly amended version of the Homebuyers Privacy Protection Act of 2025 (H.R. 2808). This highly anticipated vote comes on the heels of the House Financial Services Committee advancing the bill out of the committee by a vote of 46-0 last week, and the Senate passing a companion measure (S. 1467, slightly different from the House bill) by unanimous consent (voice vote).
• Monday’s vote is scheduled under “suspension of the rules,” a “fast-track” procedure for non-controversial bills to avoid lengthy debates and the offering of amendments. A two-thirds majority of those present and voting is needed for the bill to pass the House.
• Earlier this week, MBA issued a Mortgage Action Alliance (MAA) call to action asking members to contact their representative to vote in favor of the bill. Act now!
Why it matters: Six months after enactment, the legislation would eliminate the abusive use of mortgage credit trigger leads while preserving their deployment in appropriately limited circumstances. Under this bill, trigger leads would be permissible under the Fair Credit Reporting Act only in limited circumstances during a real estate transaction and only to provide a firm offer of credit. A credit reporting agency (“CRA”) would not be able to furnish a trigger lead to a third party unless the third party has certified to the CRA that either:
• The consumer explicitly consents to such solicitations;
• The third party has originated the current residential mortgage loan of the consumer;
• The third party is the servicer of the current residential mortgage loan of the consumer; or
• The third party is an insured depository institution or insured credit union and holds a current account for the consumer.
What’s next: If the House passes H.R. 2808 on Monday, the Senate and House will need to reconcile the minor differences between their two bill versions – so that a uniform bill can be sent to the President for enactment. MBA will continue to work with the sponsors and congressional leadership in both chambers to get this important proposal signed into law as quickly as possible.
For more information, please contact George Rogers at (202) 557-2797, Ethan Saxon at (202) 557-2913, Rachel Kelley at (202) 557-2816 and/or Madisyn Rhone at (202) 557-2741.
Senate Finance Republicans Release Key Tax Title Text
On Monday, Senate Finance Committee Chairman Mike Crapo (R-ID) released Republican-crafted legislative text as part of the Senate’s emerging budget reconciliation/tax package. Many MBA-supported tax provisions from the House-passed H.R. 1, the “One Big Beautiful Bill Act,” are maintained and/or enhanced; other elements have been altered. Importantly, the new text also raises/increases the federal debt limit ceiling by $5 trillion.
This Finance Committee tax text must be reviewed by the Senate Parliamentarian for so-called “Byrd Rule” issues. Senate Republican leaders are canvassing their caucus to help determine the changes to the newly released text that will garner enough GOP votes to allow the package to be considered on the Senate floor.
Why it matters: The tax policy changes within the Finance Committee text preserve – and in several cases, enhance – key elements of the 2017 Tax Cuts and Jobs Act identified as priorities by MBA’s Board-approved Tax Task Force, as follows:
• Makes permanent the 2017 individual rate structure and increased standard deduction (H.R. 1 temporarily extends the standard deduction);
• Maintains and makes permanent the 20% deduction in current law for Qualified Business Income under Section 199A – and expands the deduction limit’s “phase-in” range, though it does not increase it to the 23% included in the House bill;
• Allows 100% bonus depreciation for certain qualifying properties and restores/makes permanent full expensing for new capital investments, while not increasing the state and local tax (SALT) deduction cap (still TBD and in contrast to the House-passed bill);
• Permanently caps eligible mortgage acquisition debt interest deductibility (HELOCs eligible) at $750,000;
• Reinstates and makes permanent the deductibility of mortgage insurance premiums (subject to AGI limitations);
• Makes durable enhancements to the Low-Income Housing Tax Credit (LIHTC) program, e.g., providing a permanent 12 percent increase in 9% credit authority, while permanently lowering the bond financing test from 50 to 25 percent (H.R. 1 increases the 9% credit allocation authority by 12.5 percent and also lowers the bond test to 25 percent, but just for four years, with new basis boosts for properties in rural and Native American communities);
• Makes a renewing set of rounds of the Opportunity Zones (OZ) program permanent – with needed reporting/programmatic tweaks (H.R. 1 would provide just one new additional round of “OZs”);
• Permanently reinstates EBITDA for the calculation of business interest deductibility (in contrast to H.R. 1 temporary reinstatement for five years); and,
• Significantly, does NOT alter the deferred tax treatment of MSRs, nor the tax code’s current “gain on sale” provision, Section 1031 Like Kind Exchange rules, carried interest provision, or capital gains rate.
The Senate Finance “mark” includes Section 899 “revenge tax” language (as does the House bill), which imposes additional tax penalty authority to be utilized in response to unfair foreign taxes that may be imposed on U.S. companies (though the Senate Finance text includes a delay in applicability and limits the total increase to 15% over three years). MBA and a broad real estate coalition remain concerned that the Section 899 language, absent needed changes, could diminish the appetite for foreign investment in U.S. real estate/securities.
Go deeper: This week, MBA sent a letter to Senate Majority Leader John Thune (R-SD) and Senate Finance Chairman Mike Crapo (R-ID) advocating for tailoring of the Section 899 provision to exempt interest earned from investments in mortgage loans backed by domestic residential and commercial real estate regardless of the vehicle used. MBA also joined a real estate coalition letter delineating additional concerns with Section 899.
What’s next: MBA will provide a more detailed summary of the Senate Finance text in the coming days. While exact timing is uncertain, Majority Leader Thune has indicated he would like the Senate to begin consideration of the full reconciliation bill (including the tax title) by the middle of next week.
As the Senate reconciliation bill will differ from the House-passed bill, any changes passed by the Senate would then have to be worked out between the two bodies and passed identically by both the House and the Senate before the package could be signed into law by the President. MBA staff will continue to engage with lawmakers and their key staff to advocate for our industry’s identified tax priorities throughout the remainder of the debate this summer.
For more information, please contact George Rogers at (202) 557-2797, Ethan Saxon at (202) 557-2913, Fran Mordi at (202) 557-2860, and/or Bill Killmer at (202) 557-2736.
MBA Responds to the CFPB’s Proposed Rescission of the Regulation X COVID-related Amendments
On Monday, MBA sent a letter to the Consumer Financial Protection Bureau (CFPB or the Bureau) in response to its proposed rescission of the 2021 COVID Real Estate Settlement Procedures Act (RESPA) Rule in Regulation X (COVID Related Amendments).
Why it matters: MBA believes that the Bureau must implement the lessons learned from the pandemic to achieve essential policy objectives and preserve many of the COVID-19 loss mitigation flexibilities made available by investors and guarantors to mortgage servicers to assist borrowers.
• MBA also recommended that the Bureau retain the COVID-related exceptions to the anti-evasion clause until it amends Regulation X to incorporate the recommendations below and streamline loss mitigation on a permanent basis.
Go deeper: MBA believes that to ensure flexibility within the existing loss mitigation framework under Regulation X, the Bureau should:
• Eliminate the anti-evasion clause: Remove this clause to empower servicers to offer loss mitigation options to borrowers without needing a complete application, thereby enabling efficiencies in servicing and enhanced opportunities for borrower assistance
• Update foreclosure protection requirements: In addition to the existing foreclosure protections required upon receipt of a complete application (which the borrower would be entitled to only once per delinquency cycle), add a foreclosure protection requirement any time a servicer offers a borrower a loss mitigation option based on an incomplete application (which could be offered multiple times per delinquency cycle); and
• Establish a clear endpoint for protections: If an offer is made based on an incomplete application, end foreclosure protections at the earlier of the offer’s expiration, the borrower’s declination of the offer, or the borrower’s failure to perform in accordance with the terms of the offer.
What’s next: MBA will keep members informed about updates to this rulemaking.
For more information, please contact Justin Wiseman at (202) 557- 2854 or Kaitlin Hildner at (202) 557-2933.
MBA Submits Letter Supporting Nonbank Registry Rule Rescission
MBA recently sent a letter in response to the CFPB’s proposed rescission of the Nonbank Registry Rule that was issued on June 3, 2024 (the so-called Repeat Offender Registry or NBR Rule). MBA applauds the CFPB’s proposal and commends the Bureau for being receptive to persistent advocacy against the implementation of this misguided rule.
• MBA has been very vocal about the duplicative nature and regulatory burden on registrants that already have their information reported in the Nationwide Multistate Licensing System (NMLS) Consumer Access database, the short implementation timelines, lack of statutory foundation, and the insufficient showing of need for such a registry.
Go deeper: MBA supports this rescission and believes that a thorough review of the statutory basis, costs, and duplicative nature of the rule should lead the Bureau to rescind it.
• Additionally, MBA believes that the rescission of the rule should be effective immediately upon publication in the Federal Register. As the Bureau stated in its proposal, rescinding the nonbank registry immediately would not place a burden on regulated entities. Rather, it would provide immediate regulatory relief and prevent regulated entities from incurring the cost of complying with a burdensome and soon-to-be rescinded rule.
What’s next: MBA will keep members informed about the proposed rescission.
For more information, please contact Justin Wiseman at (202) 557- 2854 or Alisha Sears at (202) 557-2390.
Fed Keeps Rates Unchanged
The Federal Reserve held the federal funds rate at a target range of 4.25%-4.50% at its latest meeting on Wednesday.
• What they’re saying: In a press statement, MBA SVP and Chief Economist Mike Fratantoni said, ““FOMC projections show that members expect both increases in the unemployment rate and inflation through the course of this year. At this point, neither trend warrants a change in the federal funds target. The FOMC statement continues to highlight the high level of uncertainty regarding the economic outlook, which also likely led the Fed to hold to its current policy stance.”
For more information, please contact Mike Fratantoni at (202) 557-2935.
MBA Sends Letter to HUD on Changes to CWCOT Audits
On Tuesday, MBA sent a letter to the Department of Housing and Urban Development (HUD) raising concerns with recent changes to the enforcement of HUD’s process for filing claims under the Claims Without Conveyance of Title Program (CWCOT).
Why it matters: MBA opposes HUD changing its long-standing instructions and implementing a new requirement for mortgagees to bid above the remaining total debt on the mortgage in some cases. Bidding in this manner would represent a major shift from long standing HUD guidance, upon which servicers reasonably relied, and could create uncertainty regarding the FHA insurance for these loans.
• In all jurisdictions, mortgagees can credit bid at the foreclosure sale only up to the amount of the total debt of the instrument being foreclosed. These laws essentially require mortgagees to bid the total debt at foreclosure.
• Changing course and requiring Mortgagees to bid the Commissioner Adjusted Fair Market Value (CAFMV) would require they send representatives to every foreclosure sale as a buyer with cash or cashier’s check to cover any portion of the bid exceeding total debt in the event the Mortgagee is the highest bidder.
Go deeper: MBA believes that HUD should clarify in written guidance in the Single Family Handbook that when the CAFMV is greater than total debt, the CAFMV should be adjusted to equal total debt. Additionally, HUD should put any proposed changes on the drafting table for Mortgagee input.
• MBA also urged HUD to put the current claim audit process on hold, pause conclusory findings in ongoing audits, roll back previous audit findings, and stop enforcement actions until there is clarification.
What’s next: HUD is aware of the issue and is actively working on addressing it. MBA will keep members informed of any updates on this issue.
For more information, please contact Justin Wiseman at (202) 557-2854 or Kaitlin Hildner at (202) 557-2933.
HFSC Hearing Examines Rural Housing Barriers and Opportunities
The House Financial Services Subcommittee on Housing and Insurance recently held a bipartisan hearing titled, “Housing in the Heartland: Addressing Our Rural Housing Need.” Lawmakers examined regulatory, financial, and logistical barriers to rural housing development.
Go deeper: Subcommittee members raised concerns about outdated infrastructure, permitting inefficiencies, and staffing shortages at HUD and USDA. Witnesses emphasized the need for expanded access to capital, LIHTC modernization, and greater public-private collaboration.
Why it matters: Rural areas face severe housing shortages, aging housing stock, and increasing climate-related risks. Targeted regulatory reforms and expanded loan and grant tools are essential to ensure capital reaches underserved areas.
What’s next: MBA will continue to advocate for policies that streamline federal program access, modernize rural housing tools, and protect critical funding to expand housing affordability in rural America.
For more information, please contact Rachel Kelley at (202) 557-2816 and/or Madisyn Rhone at (202) 557-2741.
MBA, NYMBA Secure Positive Legislative Results in New York
New York’s legislative session came to a dramatic close this week with several positive outcomes thanks to coordinated advocacy by MBA and the New York Mortgage Bankers Association (NYMBA). This year, the Legislature considered nearly 40 artificial intelligence-related bills with the most concerning among them being lengthy companions bills (A8884/S1169) introduced in the final week.
Go deeper: This proposed policy would have required multiple disclosures delaying the mortgage process, a right to manual underwriting, and required mortgages to close within forty-five days of the first disclosure. Advocates responding to a MAA Call to Action helped ensure the bill died in the Assembly.
• Another industry-supported effort included defeat of a damaging servicing bill (S6791) that would have changed foreclosure documentation requirements and made New York’s five-plus year foreclosure timeline process even more difficult, expensive, and time consuming.
• Also, the Land-Home Property Act (S7120), was passed, and if signed, will better align New York with its neighboring states for real property conversion and allow for additional financing on manufactured homes.
• Unfortunately, despite industry opposition efforts, the New York Attorney General’s bill (A8427a/S8416) to expand authority under the state’s unfair, deceptive, and abusive business practices (UDAP) was approved.
What’s next: All passed legislation now awaits consideration by the Governor, who has 10 days once any bill is transmitted to her office to approve or veto. MBA and the NYMBA will urge the Governor to endorse the Land-Home Property Act, and will highlight our industry concerns regarding the state’s UDAP expansion.
For more information, please contact William Kooper (202) 557-2737 or Liz Facemire at (202) 557-2870.
[VIDEO] mPower Moments: On the Importance of Having Transferable Skills with Freedom Mortgage’s Shari Senior
During MBA’s Secondary and Capital Markets Conference, mPower Founder Marcia Davies sat down with Shari Senior, SVP of Communications and Events at Freedom Mortgage, for an insightful conversation on her career journey, including her transition into the real estate finance industry.
Go deeper: Senior also discussed the top leadership skills needed to be a successful executive, including “leading by example” and pivoting when an obstacle arises. She also provided helpful advice to up and coming women professionals.
To watch more mPower Moments, click here.
For more information, please contact Marcia Davies at (202) 557-2707.
Participate in MORPAC Action Week, June 23-27!
On June 23, MORPAC, MBA’s Political Action Committee, officially kicks off its annual Action Week. As the only federal PAC that represents the entire real estate finance industry, MORPAC provides access to candidates who will shape policies that impact MBA members.
• MORPAC is aiming to raise $225,000 during the 2025 Action Week – from at least 20 participating member companies.
• We need your help! Sign up now to make a bigger impact by running a MORPAC campaign and encourage your employees to directly participate in the political process.
Why it matters: MORPAC is a powerful tool for driving policy change, providing MBA members with a platform to amplify their voice, educate decisionmakers, and channel financial resources to support pro-industry candidates and advance MBA’s legislative agenda.
What’s next: If you are interested in getting involved during MORPAC Action Week, please fill out this link.
For more information, please contact Erin Reilly at 202-557-2751.
Register: MBA’s mPact Summit on Aug. 5
Meet us in the nation’s capital for a full day of career development and networking on Tuesday, August 5, 2025. Back by popular demand, this event is built by young professionals in the real estate industry, for young professionals, who are focused on helping you get to the next level.
Why it matters: The mPact Summit isn’t just about career tips, it’s about empowerment, connection, and growth! The summit will provide the tools, confidence, and network to thrive and help you become tomorrow’s leaders.
Register now!
For more information, please contact Jacky Salazar at (202) 557-2746.
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:
• Getting to Accept – Using Loan Product Advisor to Your Advantage – June 25
• Can You Pay That? Navigating LO Compensation, Competition, and Compliance in 2025 – June 26
• AI on Trial: Fair Lending, Compliance, and the Fight for Transparency in Mortgage Lending – July 9
• Bank-Owned Mortgage Divisions: What Bankers Need to Know to Manage Mortgage Banking – July 21
• Legal Duties to Prevent Fraud and Opportunities to Safeguard the System – Aug. 6
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.
