Advocacy Update: Government Shutdown Update; Christine Chandler Sworn in as 2026 Chair; Numerous MBA Letters
JUST IN: Read MBA President and CEO Bob Broeksmit’s, CMB, new blog post on his Letter to the Editor that was submitted to The Wall Street Journal in response to a baffling opinion article that criticized 30-year fixed-rate mortgages.
Federal Government Shutdown Stalemate Continues
The Senate on Wednesday failed for the 12th time to advance the House-passed “clean” funding bill that would end the government shutdown, as bipartisan talks remain at a standstill and the impasse enters its fourth week.
• Senate Republicans and Senate Democrats each introduced bills during the week that failed to pass that would have paid certain groups of federal employees and in Democrats’ case, bills that would ensure pay for all federal employees while also barring any additional layoffs be made by the Office of Management and Budget (OMB).
• Read MBA’s member guide that outlines the potential impacts to single-family and multifamily government lending programs.
Why it matters: Hundreds of thousands of federal employees missed a paycheck Friday. Furthermore, the shutdown has necessitated furloughs and has been used to justify Reductions in Force (RIFs) of many federal employees, as well as significant curtailment of certain operations at key agencies such as HUD, Treasury, the VA, and USDA.
• National Flood Insurance Program (NFIP) authorities remain expired, with the White House and GOP congressional leaders still declining to make a deal to reauthorize the program prior to passage of a “clean” Continuing Resolution (CR). To avoid long-term disruptions to the housing and flood insurance markets, MBA continues to advocate for an immediate restoration of the program’s authority.
Go deeper: The federal government has been shut down since Congress failed to come to an agreement on FY 2026 funding before a September 30th 11:59 p.m. ET deadline.
• On September 19, House Republicans passed a short-term CR to extend FY 2024-2025 funding through November 21, 2025. In the Senate, ongoing attempts to advance either the House bill or a Democratic alternative have failed, with Democrats seeking to include additional health care priorities.
What’s next: MBA remains in contact with lawmakers and regulators and encourages members to share any real-time operational impacts. The longer this shutdown lasts – particularly with extended federal agency furloughs and missed paychecks – the more likely it will lead to significant disruption for the industry and its customers and end users. MBA continues to monitor all funding votes as the posturing continues.
For more information, please contact Bill Killmer at (202) 557-2736 or Pete Mills at (202) 557-2858.
Christine Chandler Sworn in as 2026 MBA Chair; Owen Lee Named Chair-Elect, John Hedlund Named Vice Chair
Christine Chandler, Executive Vice President, Chief Operating Officer, M&T Realty Capital Corporation (RCC), was sworn in on Sunday as 2026 MBA Chair during the 2025 Annual Convention and Expo in Las Vegas.
• Read MBA Chair Chandler’s speech.
• Owen Lee, Chief Executive Officer at Success Mortgage Partners, Inc. (SMP), and John Hedlund, Vice Chairman of ICE Mortgage Technology, were also sworn in as Chair-Elect and Vice Chair, respectively.
What they’re saying: “Throughout my career, I have witnessed the significant impact of MBA’s advocacy, research, and education in strengthening the real estate finance industry and the communities it serves,” said Chandler. “It is a distinct honor to represent our industry as MBA’s 2026 Chair. I look forward to working with Chair-Elect Owen Lee, Vice Chair John Hedlund, and our member leaders to cultivate the next generation of industry professionals, advance policies that expand housing affordability and accessibility, and further increase member engagement in MBA’s advocacy efforts.”
Go deeper: Chandler has been with M&T since 1991 and has more than 30 years of experience in commercial real estate finance. Since 2018, she has been Chief Operating Officer and has overseen credit, asset management, compliance, technology and transformation.
• Lee co-founded SMP, located in Plymouth, Michigan, with his father, Vincent, in 2002 and serves as CEO. Under his leadership, SMP has closed billions of dollars of mortgage loans yearly since 2016, is licensed in 42 states, and has more than 600 employees. Lee is also Managing Member of Title Partners, LLC, a full-service title insurance and escrow services agency.
Hedlund is a seasoned mortgage banking executive and co-founder of a large IMB. He has been prominent MBA voice and industry volunteer over the years, has served as a board member for several organizations, including as a member of MBA’s Board of Directors, Board Chairman of MISMO, Chairman of MBA’s Residential Board of Governors (RESBOG), Board Member and past Chairman of the California Mortgage Bankers Association, and Advisory Board Member for Automated Mortgage Systems, Inc., and FundingShield, LLC.
Senate Banking Subcommittee Holds Hearing on Housing Innovation
On Tuesday, the Senate Banking Committee’s Subcommittee on Housing, Transportation, and Community Development held a hearing on housing innovation. The discussion served as a platform to maintain momentum for the ongoing consideration of the Renewing Opportunity in the American Dream (ROAD) to Housing Act.
• The hearing examined how to expand affordable housing, streamline regulations, improve resilience, and foster public-private partnerships to address the rising cost of housing, including insurance challenges.
• Witnesses from the Bipartisan Policy Center, the Center for Insurance and Research at the University of Alabama, and Construction Revolution provided testimony in support of the legislative framework of the ROAD to Housing Act.
• A summary of the hearing can be found here.
Why it matters: Earlier this month, the full Senate voted to include the ROAD to Housing Act within a “manager’s amendment” to its Fiscal Year 2026 National Defense Authorization Act (NDAA). Last month, the full House failed to include any housing-related text within its competing version of an NDAA package. House and Senate negotiators will ultimately determine the scope and content of provisions that will remain in a final NDAA conference report, which must pass both chambers of Congress.
Go deeper: The hearing highlighted legislative fixes to foster innovative construction and resilient buildings, as well as the need for certain deregulatory efforts. Senator Jack Reed (D-RI) highlighted the difficulty of assembling complex financing for affordable housing, arguing that relying on numerous funding sources takes developers more time than construction itself. He also discussed bipartisan legislation designed to raise FHA multifamily loan limits and to promote the financing and use of accessory dwelling units (ADUs).
Senator David McCormick (R-PA) discussed the potential impact of a renewed round of Opportunity Zones on our nation ‘s housing supply. Other topics raised included insurance availability/affordability and the need for greater utilization of manufactured housing and modular homes.
What’s next: As the NDAA conferencing process moves forward, MBA will continue to actively engage with lawmakers and key staff in both chambers and on both sides of the aisle about important priorities for our industry still in play within ongoing ROAD to Housing Act discussions.
For more information, please contact George Rogers at (202) 557-2797 and Bill Killmer at (202) 557-2736.
MBA Offers Recommendations to CFPB’s ANPR on Personal Financial Data Rights
On Tuesday, MBA submitted a comment letter in response to the Consumer Financial Protection Bureau’s (CFPB) advanced notice of proposed rulemaking (ANPR) related to implementation of the Section 1033 Open Banking Rule (Final Rule).
• The current rule requires depository institutions and nonbanks to make certain consumer financial information available to consumers and to third parties they designate. This rule is meant to promote open banking, a system of entities sharing personal financial data with consumer authorization. A summary of the current rule is available here.
• The ANPR asks questions related to who can serve as an agent making a consumer request for information, whether covered entities should be able to charge third parties for accessing consumer data, and the threat and cost-benefit assessments for data security associated with Section 1033 compliance.
Why it matters: MBA’s letter was generally supportive of the creation of an authorized data access ecosystem in the consumer financial services market and appreciates the CFPB’s efforts to ensure that the Final Rule promotes data sharing based on industry standards while still encouraging innovation.
MBA believes the CFPB should:
• Amend the Final Rule to explicitly ban the use of screen-scraping;
• Streamline required consumer disclosures;
• Publish guidance clarifying that third parties are responsible for reporting their own data breaches involving covered data they have collected;
• Extend the implementation deadlines in the Final Rule and provide a safe harbor if a standard-setting body has not published industry standards; and,
• Allow consumers to opt-in to secondary uses of their data.
What’s next: MBA will keep members informed of updates regarding this rulemaking and others pertaining to the CFPB.
For more information, please contact Gabriel Acosta at (202) 557-2811 or Rick Hill at 202-557-2718.
MBA Submits Coalition Letter on FCC NPR and Outdated TCPA Rules
Last Monday, MBA and other trades sent a joint letter to the Federal Communications Commission (FCC) commending them for issuing a draft Ninth Further Notice of Proposed Rulemaking (Draft Notice).
• MBA and the trade groups have long called for the Commission to revise its Telephone Consumer Protection Act (TCPA) rules to ensure its members can promptly send time-critical, non-telemarketing messages to customers. The groups applaud the Commission for issuing a Draft Notice that proposes landmark, commonsense reforms to the Commission’s outdated TCPA rules while advancing proposals to further protect consumers from fraudulent calls.
Go deeper: The letter generally supports the initiation of a rulemaking to reverse the Commission’s “revoke-all” rule and requests that the Commission also adopt an order extending the current April 11, 2026, deadline for implementing the revoke-all rule to 2027.
• The letter also highlights the organizations’ appreciation that the Commission is proposing to permit callers to designate the exclusive means by which consumers may revoke consent to receive autodialed or prerecorded or artificial voice calls. This will benefit consumers and businesses alike by discouraging consumers from sending messages with non-standard text and by better ensuring businesses can process revocations quickly and efficiently.
• Additionally, the groups also commend the Commission for proposing enhancements to the STIR/SHAKEN call authentication framework, which will promote consumers’ confidence that the calls they receive are legitimate. Fraudulent calls that impersonate businesses pose a serious risk to consumers and erode trust in communications from the business.
Why it matters: MBA has previously weighed in on these issues and asked for the FCC to eliminate the revoke-all rule and seek comment on whether callers can designate means of revocation. The FCC initiating this rulemaking is a big win for MBA members.
• Efficient, effective communications are essential if banks, credit unions, other financial services providers, and other businesses are to serve their customers and comply with their regulatory obligations.
What’s next: MBA is reviewing these draft provisions closely and looks forward to providing comments once the Commission adopts the Draft Notice.
For questions and/or more information, please contact Alisha Sears at (202) 577-2930.
MBA, Trades Urge the Administration to Maintain Treasury’s CDFI Fund
Last Monday, MBA joined a group of trade associations in a letter sent to Treasury Secretary Scott Bessent and OMB Director Russ Vought that urged the Trump administration to reverse the recent firing of all employees of the Treasury’s Community Development Financial Institutions (CDFI) Fund, which would effectively eliminate the program.
Why it matters: As part of the Administration’s recent reduction-in-force actions during the ongoing government shutdown, all the employees of the CDFI Fund were terminated, effectively abolishing the Fund.
Go deeper: The joint trades letter was intended to remind the Administration of the important steps that have been taken over the years since the Fund’s creation to “strengthen [its] alignment with statutory intent and the Administration’s priorities, ensuring that it continues to operate efficiently, responsibly, and in a manner that delivers measurable results for communities across America.”
• The letter urged the Administration to consider all the progress that has been made and in light of that, continue to support the Fund in its important mission by ensuring it maintains appropriate staff and funding levels.
What’s next: MBA, together with the other signers, represent members ranging from large national institutions to community banks and nonbank lenders. The groups will continue to work with the Administration and Congress in an attempt to preserve the CDFI Fund’s effectiveness and ensure continuity for programs that directly benefit low- and moderate-income households, small businesses, and local economies nationwide. For example, MBA encouraged House and Senate Republicans to sign onto a letter that asked Treasury and OMB to reverse their recent CDFI-related funding actions.
For more information, please contact Fran Mordi at (202) 577- 2860.
MBA Submits Comment Letter Addressing Regulatory Burdens Affecting Insured Depositories
MBA submitted a comment letter to the Federal Banking Agencies pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the Agencies to review their regulations every ten years to identify outdated, unnecessary, and overly burdensome regulations.
Why it matters: MBA’s comment letter focused on the Community Reinvestment Act (CRA), Bank Capital, and Banking Operations.
• Issues specific to residential mortgage banking included calling for reducing the punitive capital charge for mortgage servicing assets and reducing the risk weighting on warehouse lines of credit to match the risk of the underlying collateral.
• A section of the comment letter was devoted to addressing the Agencies’ failed 2023 Basel III Endgame proposal in advance of the upcoming and anticipated re-proposal.
Why it matters: EGRPRA offers industry participants a unique opportunity to highlight broad regulatory concerns affecting insured depository institutions. MBA heard concerns from a variety of members covering multiple instances of regulatory burden. Member feedback is integral to policy-centric advocacy efforts impacting the banking industry.
• MBA thanks members who participated throughout this process.
What’s next: MBA remains supportive of the Trump administration’s efforts to reduce regulatory burdens affecting insured depositories and looks forward to collaborating with them on future policy issues affecting the banking industry, including the Basel III Endgame re-proposal.
For more information, please contact Fran Mordi at (202) 557-2860 and John Lammle at (202) 557-2789.
Nevada Commissioner and Deputy Commissioner Answer Questions at MBA Committee
Sunday at MBA’s Annual Convention and Expo, the State Legislative & Regulatory Committee (SLRC) hosted Commissioner Cathy Sheehy and Deputy Commissioner Zeljana Ajdari from the Nevada Division of Mortgage Lending (DML) during #MBAAnnual25.
• DML leaders responded to questions submitted previously by SLRC members as well as during the open Q&A. Topics included updates on the remote work regulations that are still working its way to final approval by the Legislature and DML’s intent to work with other state offices to resolve inter-agency licensing approval issues.
Go deeper: Other topics included key issues related to Nevada-specific licensing requirements. DML leaders stated they are:
• open to removing the in-state branch requirement, especially considering remote work adoption and its success during the pandemic. While DML will not introduce legislation, they would not be opposed to an industry effort. Of note, this may depend on the approach and fiscal impact to DML.
• willing to retire the Monthly Activity Report (MAR) if the NMLS Mortgage Call Report can be adopted to account for state specific data. NRS 645B.080 was updated in 2019 to allow the Commissioner to waive the MAR requirement if a substantially similar report was available.
Why it matters: MBA continues to push for continuity among state licensing and reporting requirements. Direct regulator engagement allows a more open discussion on what the state regulators may need and are willing to accept from industry while fostering open dialogue for collaboration.
For more information, please contact William Kooper (202) 557-2737 and Liz Facemire at (202) 557-2870.
MBA Launching Rental Payment History Webinar Series
Join MBA and industry experts for a timely discussion about the need to expand adoption of rental payment history into the underwriting process. As housing affordability remains constrained, lenders have looked to new approaches to help first-time homebuyers achieve the American Dream. In many markets, average rent payments are often as high or higher than average monthly mortgage payments. The ability to successfully leverage timely rental payment history into the underwriting process could open the doors of homeownership for many current renters.
• Part I: Current GSE Policy and Recent Enhancements – Speakers from both Fannie Mae and Freddie Mac (the GSEs) will summarize existing guidelines and policies allowing the use of positive rental payment history in the underwriting process. Additionally, GSE speakers will explore collaboration opportunities and recent enhancements that aim to expand adoption.
• Part II: Industry Practices and Consumer Experience Improvements – Lenders will share an optimized loan officer workflow that increases adoption of positive rental payment history.
• Part III – Building the Borrower Profile – Speakers will explore ways to identify applicants most likely to benefit from the collection of rental payment history. Additionally, instructors will cover the power of closing the “Trust Gap”, along with collaboration opportunities that include housing counselors and sister trade associations.
Why it matters: In April, MBA published its Leveraging Rental Payment History white paper, which focused on increasing lender adoption of rental payment history.
• MBA’s recommendations center on enabling GSE collaboration along with improvements to industry practices and the consumer experience. This education series aims to foster industry partnership with the GSEs, expand adoption of a new and improved workflow, and make the dream of homeownership a reality for more first-time borrowers.
What’s next: The webinar series will take place on November 6, 13, and 20 (1:00-2:00pm ET all days). MBA encourages those interested to submit questions in advance to David Upbin at dupbin@mba.org.
For more information, please contact Anthony Siller at 202-557-2944
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:
• Non-Agency Training Series: Second Liens and HELOCs – Oct. 28
• Say It So Borrowers Understand: Plain Language + Translation That Cut Call Volume and Improve Outcomes – Oct. 29
• Leveraging Rental Payment History – Part I: Current GSE Policy and Recent Enhancements – Nov. 6
• Simplify, Automate and Elevate through AIM with LPA – Nov. 12
• Leveraging Rental Payment History – Part II: Industry Practices and Consumer Experience Improvements – Nov. 13
• Using Quality Assurance, Control and Fraud Prevention to Strengthen Loan Operations – Nov. 17
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.
